Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Saved Help Save & Exit Submit On September 12, Ryan Company sold merchandise in the amount of $7,800 to Johnson Company, with credit terms of
Saved Help Save & Exit Submit On September 12, Ryan Company sold merchandise in the amount of $7,800 to Johnson Company, with credit terms of 3/10,n/30. The cost of the items sold is $5,000. Ryan uses the periodic inventory system and the net method of accounting for sales. The journal entry or entries that Ryan will make on September 12 is (are): 22 01:16:35 Multiple Choice Accounts receivable Sales 7,800 7,800 Accounts receivable Sales 7,566 7,566 Sales Accounts receivable 7,800 7,800 Accounts receivable Sales 7,566 7,566 2 7,566 Accounts receivable Sales 7,566 16.0B 7,800 Sales Accounts receivable 7,800 7,566 7,566 Accounts receivable Sales Cost of goods sold Merchandise Inventory 5,000 5,000 7,800 7,800 Accounts receivable Sales Cost of Goods Sold Merchandise inventory 5,000 5,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started