Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On September 12, Vander Company sold merchandise in the amount of $1,900 to Jepson Company, with credit terms of 2/10, 1/30. The cost of the

image text in transcribed
On September 12, Vander Company sold merchandise in the amount of $1,900 to Jepson Company, with credit terms of 2/10, 1/30. The cost of the items sold is $1.310. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $165 and the cost of the merchandise returned is $115. Jepson pays the invoice on September 18, and takes the appropriate discount. The Journal entry that Vander makes on September 18 is: Multiple Choice Cash Accounts receivable 1,310.00 11.310.00 Cash Sales discounts Accounts receivable 1.865.30 34.70 11.900.00 CAR Accounts receivable 1.900.00 1.900.00 Cash Accounts receivable 1,065.30 1.865.30

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

More Books

Students also viewed these Accounting questions

Question

Establish the easy part of the Completeness Theorem 10.2.12

Answered: 1 week ago