On September 12, Vander Company sold merchandise in the amount of $1.900 to Jepson Company, with credit terms of 2/10. n/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 1,865.30 1,865.30 Cash Sales discounts Accounts receivable 1,700.3e 34.7 11,735.ee O Cash Accounts receivable 1,310.ee 1,310.ee O Cash sales discounts Accounts receivable 1,865.30 34.70 1,900.ee Cash Accounts receivable 1,900.ee 1,900.es On September 12, Ryan Company sold merchandise in the amount of $7.800 to Johnson Company, with credit terms of 3/10.n/30. The cost of the items sold is $5.000. Ryan uses the periodic Inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the non-defective merchandise, which is restored to inventory. The selling price of the returned merchandise is $700 and the cost of the merchandise returned is $450. The entry or entries that Ryan must make on September 14 is (are): Multiple Choice 679 Sales returns and allowances Accounts receivable 679 679 Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 45e 456 o Sales returns and allowances Accounts receivable 45 Sales returns and allowances Accounts receivable O 678 679 Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 437 437 A company had net sales of $557,000 and cost of goods sold of $351.000. Its gross margin equals $908.000. True or False True False In its first year of business. Borden Corporation had sales of $2.130.000 and cost of goods sold of $1.265.000. Borden expects returns In the following year to equal 7% of sales. The adjusting entry or entries to record the expected sales returns Is (are) Multiple Choice Accounts Receivable Sales 2,130,eee 2,130,eeg 2,130,eee Sales Sales Refund Payable Accounts receivable 149, 10 1,98e.ge 149, 108 149.10e Sales returns and allowances Sales Cost of Goods Sold Inventory Returns Estimated 88,55 88,55 O Sales Returns and Allowances Sales Refund Payable Inventory Returns Estimated Cost of goods sold 149,1eel 149, 1ee 88,55e 88,55 149, 10e Sales Refund Payable Accounts receivable 149,1ee On September 12, Ryan Company sold merchandise in the amount of $6,800 to Johnson Company, with credit terms of 270.n/30. The cost of the items sold is $4.500. Johnson uses the periodic Inventory system and the net method of accounting for purchases. Johnson pays the invoice on September 18, and takes the appropriate discount. The Journal entry that Johnson makes on September 18 is: Multiple Choice O 6,664 Purchases Cash 6,664 Accounts payable Cash 6,664 4.se Accounts payable Merchandise inventory Cash 4,410 O 6.664 Cash Purchases discounts Accounts payable 136 6.8ec 6,80 Accounts payable Purchases discounts Cash 6,664 On September 12, Vander Company sold merchandise in the amount of $8.800 to Jepson Company, with credit terms of 3/10,n/30. The cost of the items sold is $5.500. Jepson uses the periodic Inventory system and the gross method of accounting for purchases. The Journal entry that Jepson will make on September 12 is: Multiple Choice 5. see Accounts payable Merchandise inventory B.se Merchandise inventory Accounts payable 8.see O 5,5ee Purchases Accounts receivable 5.5e 8. see Purchases Accounts payable 8,888 B.see Purchases Accounts receivable On September 12, Ryan Company sold merchandise in the amount of $7,400 to Johnson Company, with credit terms of 3/10,n/30. The cost of the items sold is $4.800. Johnson uses the periodic Inventory system and the net method of accounting for purchases. The Journal entry that Johnson will make on September 12 is: Multiple Choice 4.se Merchandise inventory Accounts payable 4.8 .400 Accounts payable Merchandise inventory 1.40 Purchases Accounts payable 7,40e 7.178 Purchases Accounts payable 7.178 O 7,178 Merchandise inventory Accounts payable 7,178