Please answer the foll 74) On November 10 of the current year, Flores Mills provides services toa customer for $8,000 with credit terms 2/10, n/30. The customer madethe correct payment on November 17. How would Flores record thecollection of cash on November 17?A. CashAccounts ReceivableB. CashSales DiscountsAccounts ReceivableC. CashSales RevenueAccounts ReceivableD. CashAccounts Receivable7,8407,8401607,8401608,0007,8408,0008,0008,000 136) A company sold inventory for $1,200 that was purchased for $700.The company records which of the following when it sells the inventoryusing a perpetual inventory system?B) Debit Cost of Goods Sold $700; credit Inventory $700.C) Debit Cost of Goods Sold $1,200; credit Inventory $1,200.O A) No entry is required for cost of goods sold and inventory.OD) Debit Inventory $700; credit Cost of Goods Sold $700.

In financial accounting system when the decisions regarding discount and credit period are given…

74) On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on November 17. How would Flores record the collection of cash on November 17? A. Cash Accounts Receivable B. Cash Sales Discounts Accounts Receivable C. Cash Sales Revenue Accounts Receivable 7,840 7,840 160 7,840 160 7,840 8,000 8,000

74) On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on November 17. How would Flores record the collection of cash on November 17? A. Cash Accounts Receivable B. Cash Sales Discounts Accounts Receivable C. Cash Sales Revenue Accounts Receivable 7,840 7,840 160 7,840 160 7,840 8,000 8,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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