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On November 10 of the current year, Flores Mills sold carpet to a customer for $7.400 with credit terms 1/10, 1/30. Flores uses the gross
On November 10 of the current year, Flores Mills sold carpet to a customer for $7.400 with credit terms 1/10, 1/30. Flores uses the gross method of accounting for sales discounts What is the correct entry for Flores on November 10? Multiple Choice Untitled - Notepad X File Edit Format View Help please answer both parts, should not take long. please only provide correct answer, no work needed 7,460 Accounts receivable Sales > 7,400 Ln 2, Col 51 100% Windows (CRLF) UTF-8 Accounts receivable Sales 7,326 7,326 7,326 Accounts receivable Sales discounts Sales 7,400 O 7,400 Accounts receivable Sales discounts Sales 74 7,326 Cinnamon Buns Co. (CBC) started 2021 with $52.200 of merchandise on hand. During 2021. $291,000 in merchandise was purchased on account with credit terms of 1/10 n/30. All discounts were taken. Purchases were all made fob shipping point. CBC paid freight charges of $10.200 Merchandise with an invoice amount of $2.200 was returned for credit. Cost of goods sold for the year was $299,000 CBC uses a perpetual inventory system Assuming CBC uses the gross method to record purchases, ending inventory would be: Multiple Choice $52,200 Untitled - Notepad File Edit Format View Help please answer both parts, should not take long. please only provide correct answer, no work needed
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