QUESTION 18 On September 12, Ryan Company sold merchandise in the amount of $5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Ryan uses the periodic inventory system and the net method of accounting for sales. Johnson pays the invoice on September 18 and takes the appropriate discount. The journal entry that Ryan makes on September 18 is: 4,000 Cash Accounts receivable 4,000 Cash Accounts receivable 5,800 5,800 5,684 Cash Accounts receivable 5,684 Cash Sales discounts Accounts receivable 5,684 116 5,800 3.920 Cash Sales discounts Accounts receivable 80 4,000 1 points QUESTION 19 1. On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, 1/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system and the method of accounting for sales. Babson pays the invoice on March 17 and takes the appropriate discount. The journal entry that Klein makes on March 17 is: Cash Sales discounts Accounts receivable 7.644 156 7,800 Cash Sales discounts Accounts receivable 4,410 90 4,500 Cash Accounts receivable 7,644 7,644 Cash Accounts receivable 7,800 7,800 4,500 Cash Accounts receivable 4,500