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Question 10 0.5 pts Clark Corporation uses the perpetual inventory system. On May 1, Clark Corporation sells merchandise on account for $10,000 with terms 2/10,
Question 10 0.5 pts Clark Corporation uses the perpetual inventory system. On May 1, Clark Corporation sells merchandise on account for $10,000 with terms 2/10, n/30. Clark Corporation had paid $6,000 to acquire the merchandise. On May 7, the buyer returns merchandise with an invoice price of $1,000 to Clark Corporation. The merchandise returned to Clark Corporation had cost Clark Corporation $600. On May 30, Clark Corporation receives payment for the merchandise retained by the buyer. The journal entry that Clark Corporation records when it receives the payment from the buyer on May 30 includes a credit to cash for $8,820. debit to cash for $8,820. debit to cash for $9,000. credit to cash for $8,816. credit to cash for $9,000
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