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On March 17,Jackal Lumber sold building materials to Fredo Limited for $15,000 with terms 2/10, net 20. Fredo paid for the building materials on March
On March 17,Jackal Lumber sold building materials to Fredo Limited for $15,000 with terms 2/10, net 20. Fredo paid for the building materials on March 23. Record Jackal Lumber's collection of cash entry. Debit Credit A. Cash 15,000 Accounts Receivable 15,000 B. Cash 14,700 Sales Discounts 300 15,000 Accounts Receivable 15,000 C. Cash 300 Sales Discounts 14,700 Accounts Receivable 14,700 D. Cash 14,700 Accounts Receivable Answer A O Answer B Answer C O Answer D None of the answers are correct. ScalpEm Lawn Service, Inc. completed a moving job for a new customer, Carl Complainer. ScalpEm billed Carl $250 and recorded the sale in their accounting system as follows: Accounts Receivable 250.00 Service Revenue 250.00 Prior to paying for the mowing job, Carl complains about the quality of the work. As a result of Carl's complaint, ScalpEm grants Carl an allowance of $75. Record the entry to record the granting of the allowance to Carl. (NOTE: This entry is NOT for the payment). Debit Credit A. Sales Returns and Allowance 75 Service Revenue 75 B. Accounts Receivable 75 Sales Returns and Allowances 75 C. ales Returns and Allowances 75 75 Cash O Answer A O Answer B Answer C No entry required when the allowance is granted. of the answers are correct
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