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On September 12, Vandelay Industries sold merchandise in the amount of $7,300 to Jepson Company, with credit terms of 4/10, n/30 The cost of the items sold is $5.500 Vandelay uses the periodic Inventory system and the gross method of accounting for sales. The journal entry or entries that Vandelay will make on September 12 is (are) Multiple Choice O Sales Account Title Accounts Receivable Sales Account Title Accounts Receivable Cost of goods sold Merchandise Inventory Account Title Accounts Receivable Sales Account Title Accounts Receivable. Sales Cost of goods sold Merchandise Inventory Account Title Accounts Receivable Sales Debit Credit 7,300 Debit 7,300 5,500 Debit 7,300 7,300 5,500 Credit 7,300 5,500 Credit 7,300 Debit Credit 7,300 7,300 5.500 Debit Credit 5,500 Help Save & Ext 5.500

On September 12, Vandelay Industries sold merchandise in the amount of $7,300 to Jepson Company, with credit terms of 4/10, n/30 The cost of the items sold is $5.500 Vandelay uses the periodic Inventory system and the gross method of accounting for sales. The journal entry or entries that Vandelay will make on September 12 is (are) Multiple Choice O Sales Account Title Accounts Receivable Sales Account Title Accounts Receivable Cost of goods sold Merchandise Inventory Account Title Accounts Receivable Sales Account Title Accounts Receivable. Sales Cost of goods sold Merchandise Inventory Account Title Accounts Receivable Sales Debit Credit 7,300 Debit 7,300 5,500 Debit 7,300 7,300 5,500 Credit 7,300 5,500 Credit 7,300 Debit Credit 7,300 7,300 5.500 Debit Credit 5,500 Help Save & Ext 5.500

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter14: Adjustments And The Work Sheet For A Merchandising Business
Section: Chapter Questions
Problem 1SEB: ADJUSTMENT FOR MERCHANDISE INVENTORY USING T ACCOUNTS: PERIODIC INVENTORY SYSTEM Sandra Owens owns a...
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Multiple Choice On September 12, Vandelay Industries sold merchandise in the amount of $7,300 to Jepson Company, with credit terms of 4/10, n/30. The cost of the items sold is $5,500 Vandelay uses the periodic inventory system and the gross method of accounting for sales. The Journal entry or entries that Vandelay will make on September 12 is (are): O O O Sales Account Title Accounts Receivable Sales Account Title Accounts Receivable Cost of goods sold Merchandise Inventory Account Title Accounts Receivable Sales Account Title Accounts Receivable Sales Cost of goods sold Merchandise Inventory Account Title Accounts Receivable Sales Debit 7,300 Debit 7,300 5,500 Debit 7,300 Debit 7,300 5,500 Debit 5,500 Credit 7,300 Credit 7,300 5,500 Credit 7,300 Credit 7,300 5,500 Credit Help 5,500 Save & Exit Submit
Transcribed Image Text:Multiple Choice On September 12, Vandelay Industries sold merchandise in the amount of $7,300 to Jepson Company, with credit terms of 4/10, n/30. The cost of the items sold is $5,500 Vandelay uses the periodic inventory system and the gross method of accounting for sales. The Journal entry or entries that Vandelay will make on September 12 is (are): O O O Sales Account Title Accounts Receivable Sales Account Title Accounts Receivable Cost of goods sold Merchandise Inventory Account Title Accounts Receivable Sales Account Title Accounts Receivable Sales Cost of goods sold Merchandise Inventory Account Title Accounts Receivable Sales Debit 7,300 Debit 7,300 5,500 Debit 7,300 Debit 7,300 5,500 Debit 5,500 Credit 7,300 Credit 7,300 5,500 Credit 7,300 Credit 7,300 5,500 Credit Help 5,500 Save & Exit Submit
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