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

Question

1 Approved Answer

On September 20, Benin sold $14,800 of inventory on credit with the terms 3/15, net 30. Payment on $8,000 sales was received on October 1

On September 20, Benin sold $14,800 of inventory on credit with the terms 3/15, net 30. Payment on $8,000 sales was received on October 1 and the remaining payment was received on October 12. If Benin uses the gross method of accounting for sales discounts, what is the proper accounting entry on September 20 when the sale was made?

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

Step: 3

blur-text-image

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

Accounting

Accounting

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

23rd Edition

978-0324662962

More Books

Students also viewed these Accounting questions

Question

=+5. Is there a glide path for volunteers (including board members) who are not comfortable with change, helping them transition to new roles?

Answered: 1 week ago

Question

★★★★★
The income statement of Toby Zed Company is presented here. Additional information:1. Accounts receivable increased $250,000 during the year, and inventory decreased $500,000.2. Prepaid expenses...

Answered: 1 week ago

Question

★★★★★
On September 20, Benin sold $14,800 of inventory on credit with the terms 3/15, net 30. Payment on $8,000 sales was received on October 1 and the remaining payment was received on October 12. If...

Answered: 1 week ago

Question

★★★★★
yield to maturity for 2 0 - year bonds is as follows for four different bond rating categories. Use Appendix B and Appendix D for an approximate answer but calculate your final answer using the...

Answered: 1 week ago

Question

★★★★★
Bob Jonas is a single parent who has been divorced for two years and who provides a home for his 10-year old dependent son. What filing status should Bob use? Select one: a. Married Filing Separate...

Answered: 1 week ago

Question

★★★★★
1. A rigid container contains saturated water at a pressure of 2 bar and a quality of 0.64. The water undergoes a process in which it is heated to a final temperature of 540C. Determine the final...

Answered: 1 week ago

Question

★★★★★
You and two other workers witness two trucks collide on a construction site. One driver is injured and requires first aid. You have no training in applying first aid but know there is a trained first...

Answered: 1 week ago

Question

★★★★★
Prepare the income statement for Crystal Bay Company for the most recent year. Us Next question cost of goods sold, cost of goods manutactured, and the amounts below. Assume that the company sold...

Answered: 1 week ago

Question

★★★★★
Trim Corporation acquired 100 percent of Round Corporation's voting common stock on January 1, 20X2, for $416,000. At that date, the book values and fair values of Round's assets and liabilities were...

Answered: 1 week ago

Previous Question Next Question