On July 22, Charles Inc. sold $23700 of inventory items on credit with the terms 2/15, net 30. Payment on $16000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Charles uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? Cash Accounts Receivable Cash Accounts Receivable Accounts Receivable Sales Discount Forfeited Cash Sales Discount Accounts Receivable 15680 16000 320 15680 320 15680 16000 320 16000
On July 22, Charles Inc. sold $23700 of inventory items on credit with the terms 2/15, net 30. Payment on $16000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Charles uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? Cash Accounts Receivable Cash Accounts Receivable Accounts Receivable Sales Discount Forfeited Cash Sales Discount Accounts Receivable 15680 16000 320 15680 320 15680 16000 320 16000
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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