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On September 12, Vander Company sold merchandise in the amount of $2,200 to Jepson Company, with credit terms of 2/10. n/30. The cost of the
On September 12, Vander Company sold merchandise in the amount of $2,200 to Jepson Company, with credit terms of 2/10. n/30. The cost of the items sold is $1.520. 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 $190 and the cost of the merchandise returned is $135. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is: Multiple Choice I cash Accounts receivable Cash Accounts receivable Cash Sales discounts Accounts receivable 1,969.80 40.26 2,810.88 Cash | Accounts receivable 1,520.00 1,520.00 Cash Sales discounts Accounts receivable 12,159.86 48.26 12,200.00
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