Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On November 1, 2017, Rodgers Enterprises sold merchandise with a cost of $7,000 for $25,000, FOB destination, with payment terms of 2/10, n/40. The company
On November 1, 2017, Rodgers Enterprises sold merchandise with a cost of $7,000 for $25,000, FOB destination, with payment terms of 2/10, n/40. The company paid transportation costs of $100. Customer returns on this sale were $5,000 (with a cost of $2,500). The merchandise was returned on November 6. The company received the payment for the balance amount on November 10, 2017. Calculate the net sales revenue.
Group of answer choices.
$19,600
$20,000
$4,500
$20,100
A company sold merchandise for $4,000 on account with terms of 4/15, n/30. The company uses a perpetual inventory system. Defective merchandise of $200 was returned two days later. If the payment was received after 30 days, the journal entry to record the cash receipt will include ________.
Group of answer choices
a debit to Cash for $3,840 and a credit to Accounts Receivable for $3,840
a debit to Cash for $3,800 and a credit to Accounts Receivable for $3,800
a credit to Sales Revenue for $3,800 and a debit to Cash for $3,800
a credit to Cost of Goods Sold for $4,000 and a debit to Sales Revenue for
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started