On September 12, Vander Company sold merchandise in the amount of $2,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,800. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $225 and the cost of the merchandise returned is $160. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is: Multiple Choice Cash 2,600.ee Accounts receivable 2,600.ee Cash 1,800.ee Accounts receivable 1,800.ee 2,327.5e 47.se 2,375.e0 Cash Sales discounts Accounts receivable Cash 2,552.5e Accounts receivable 2,552.5e Cash Sales discounts 2,552.5e 47.5e 2,600.ee Accounts receivable
On September 12, Vander Company sold merchandise in the amount of $2,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,800. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $225 and the cost of the merchandise returned is $160. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is: Multiple Choice Cash 2,600.ee Accounts receivable 2,600.ee Cash 1,800.ee Accounts receivable 1,800.ee 2,327.5e 47.se 2,375.e0 Cash Sales discounts Accounts receivable Cash 2,552.5e Accounts receivable 2,552.5e Cash Sales discounts 2,552.5e 47.5e 2,600.ee Accounts receivable
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...
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