Question Completion Status: QUESTION 6 On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, 1/30. The customer made the correct payment on November 17. How would Flores record the collection of cash on November 177 7.8401 7,840 7,840 1601 8,000 A Cash Accounts Receivable B. Cash Sales Discounts Accounts Receivable C. Cash Sales Revenue Accounts Receivable D. Cash Accounts Receivable Option A Option B Option Option 7,840 1601 8,000 8,000 8.000 QUESTION 7 The formula for the receivables turnover ratio is: Average accounts receivable divided by average total assets. Average accounts receivable divided by net credit sales Net credit sales divided by average accounts receivable. Net credit sales divided by average total assets Click Save and Submit to save and submit. Click Save All Answers to save all anders Remaining Time: 58 minutes, 29 seconds. Question Completion Status: QUESTIONS Gershwin Wallcovering Inc. shipped the wrong shade of paint to a customer. The customer agreed to keep the paint upon being offered a 15 price reduction Gershwin would record this reduction by crediting Accounts Receivable and debiting: Sales Revenue. Sales Allowances. Sales Discounts Sales Returns QUESTION 9 The direct write-off method is used when A company elects to use this method as one of several alternatives. A company has greater cash outflows than cash inflows. Uncollectible accounts are not anticipated or are immaterial, A company expects excessive sales returns receivable is a formal signed credit arrangement between a QUESTION 10 Any receivable is an informal credit arrangement with trade customers, whereas an) creditor and a debtor. Account Note Note: Account Revenue: Note Allowance: Stock Click Save and Submit to sound submit. Click Save All Answers to save alla