FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November 10 of the current year, Flores Mills sold carpet to a customer for $9,000 with credit terms 3/10, 1/30. Flores uses the gross

image text in transcribed
On November 10 of the current year, Flores Mills sold carpet to a customer for $9,000 with credit terms 3/10, 1/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date? Multiple Choice 8,730 8,730 9,000 Sales discounts Accounts receivable 19.000 270 Cash Accounts receivable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Acct 1100 Financial Accounting 1 25 Edition

Acct 1100 Financial Accounting 1 25 Edition

Authors: Carl S. Warren ,James M. Reeve ,Jonathan E. Duchac

1st Edition

1285558839, 978-1285558837

More Books

Students also viewed these Accounting questions

Question

★★★★★
Explain why the homogeneous Neumann boundary value problem for a Sturm-Liouville operator with q(x) > 0 is positive definite. What is the minimization principle?

Answered: 1 week ago

Question

★★★★★
In addition to their financial contributions to the candidate, the support group had the intention of increasing her public profile.

Answered: 1 week ago

Question

★★★★★
=+10.41 The article Americans Seek Spiritual Guidance on Web (San Luis Obispo Tribune, October 12, 2002) reported that 68% of the general population belong to a religious community. In a survey on...

Answered: 1 week ago

Question

★★★★★
Wynn Sheet Metal reported an operating loss of $100,000 for financial reporting and tax purposes in 2011. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn's first...

Answered: 1 week ago

Question

★★★★★
On November 10 of the current year, Flores Mills sold carpet to a customer for $9,000 with credit terms 3/10, 1/30. Flores uses the gross method of accounting for cash discounts. What is the correct...

Answered: 1 week ago

Question

★★★★★
In the publication Public Sector Governance ?? A Guide to the Principles of Good Practice (Office of the Auditor General of British Columbia, December 2008), the Auditor General identifies five...

Answered: 1 week ago

Question

★★★★★
Based on the scenario mentioned in the article, there are several recommendations I would give to the stakeholders to restore the preferred situation 1 . Sales Team: Explanation: The sales team...

Answered: 1 week ago

Question

★★★★★
1) Calculate average stress and strain generated in each component of the figure shown below and use ANSYS to evaluate same (CAD model for same is assignment3.sat, uploaded in canvas). Geometry...

Answered: 1 week ago

Question

★★★★★
Fresh Harvest is a new startup by 2 young entrepreneurs who are both passionate about sustainable agriculture and believed that this is viable potential business. Their aim is to address food...

Answered: 1 week ago

Question

★★★★★
Is there a common thread in the two situations of personal gain? What is different about the Gates scenario and those of the Birmingham officials?

Answered: 1 week ago

Question

★★★★★
Should You be Able to Sue McDonalds if You Spill Coffee on Yourself? If you talk about lawsuits today, some people will tell you that a lot of them are frivolous. There are a few famous cases that...

Answered: 1 week ago

Question

★★★★★
What factors in the business environment have created a demand for employees with a high level of soft skills? (Objective 1)

Answered: 1 week ago

Question

★★★★★
What four options do people have when faced with conflict? Explain. (Objective 4)

Answered: 1 week ago

Question

★★★★★
Construct a chart that shows the percentage of each type of expenditures for operating expenses (in millions) of Amazon.com for the year ended December 31, 2005. Add a figure number, proper title,...

Answered: 1 week ago

Previous Question Next Question