1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
vlada-n [284]
2 years ago
6

On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses

the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date
Business
1 answer:
frez [133]2 years ago
3 0

The appropriate journal entry to record the transactions is: Debit Cash $7,840; Debit Sales discount $160; Credit Account receivable $8,000.

<h3 /><h3>Journal entry</h3>

The correct entry to record the transaction is:

November 17

Debit Cash $7,840

(98%×$8000)

Debit Sales discount $160
(2%×$8000)

Credit Account receivable $8,000

Therefore the appropriate journal entry to record the transactions is: Debit Cash $7,840; Debit Sales discount $160; Credit Account receivable $8,000.

Learn more about journal entry here:brainly.com/question/14279491

#SPJ1

You might be interested in
PLZZZZZ HEELLPP FASST
Nonamiya [84]
One of the main reasons that stocks do not reflect the health of the economy most of us experience is the rise of stock buybacks. Companies often push stocks higher, partly and arguably, to raise the value of the stock options of their management by buying them on the open market.

HOPE THIS HELPS
6 0
3 years ago
What is important to remember when cutting curly hair
astraxan [27]
It's important that when you're going to cut it, you stretch it so that you cut the right amount and look like the hair
6 0
3 years ago
On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash.
Andrej [43]

Date       -     Account Title         -        Debit        -     Credit

Feb 13

                     Cash                        -      $10,975      -

                     Sales                       -                          -    $10,000

                     Sales Tax Payable -                          -     $975

What is a Drop-down menu?

A drop-down list (abbreviated drop-down, or DDL; also known as a drop-down menu, drop menu, pull-down list, picklist) is a graphical control element, similar to a list box, that allows the user to choose one value from a list.

When a drop-down list is inactive, it displays a single value. When activated, it displays (drops down) a list of values, from which the user may select one.

When the user selects a new value, the control reverts to its inactive state, displaying the selected value. It is often used in the design of graphical user interfaces, including web design.

To learn more about Drop-down menu: brainly.com/question/17116743

#SPJ4

                     

8 0
2 years ago
He was very excited by the new features of windows 95.
Irina18 [472]

What's the question?

5 0
3 years ago
An investor whose highest priority is getting the largest gains possible, even if
LiRa [457]

Answer: A. Hedge funds

Explanation:

7 0
3 years ago
Other questions:
  • TRUE OR FALSE: It is always free to use an ATM if you have a debit card
    13·2 answers
  • What factors are important in predicting change in price?
    5·1 answer
  • Swan, Inc. uses the high-low method to analyze cost behavior. The company observed that at 20,000 machine hours of activity, tot
    6·1 answer
  • Billy’s Exterminators, Inc., has sales of $592,000, costs of $284,000, depreciation expense of $36,000, interest expense of $28,
    8·1 answer
  • Which one of the following would not cause a bank to debit a depositor's account? a.Checks marked NSF b.Wiring of the depositor'
    9·1 answer
  • Jones Co. returned merchandise purchased from Smith Co. The journal entry to record the return of the merchandise by Jones under
    15·1 answer
  • Nick and Sheila Preston are married and have purchased a comprehensive major medical policy which covers them and their two sons
    10·1 answer
  • Explain why the sampling method stated in (1) is the most efficient<br> method.
    13·1 answer
  • An increase in consumer expenditures during the holiday season, a decrease in purchases of U.S. goods by foreigners, a tax incre
    15·1 answer
  • Create your own buy and sell stock problem
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!