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
7nadin3 [17]
3 years ago
11

Merchandise with a sales price of $3,500 is sold on account with terms 2/10, n/60. The journal entry to record the sale would in

clude a Group of answer choices debit to Cash for $3,500 debit to Merchandise Inventory for $70 debit to Accounts Receivable for $3,500 credit to Sales for $3,430
Business
2 answers:
alexdok [17]3 years ago
6 0

Answer:

debit to Accounts Receivable for $3,500 credit to Sales for $3,430

Explanation:

Merchandise with a sales price of $3,500 is sold on account with terms 2/10, n/60. The journal entry to record the sale would include a debit to Accounts Receivable for $3,500 credit to Sales for $3,430.

Since the goods were sold on account, it means that it was sold on credit and an entry to cash will be a wrong entry. The right Journal entry will be a debit to accounts receivable for the total amount and a credit to sales for the total amount less the proposed discount amount of 2%

galina1969 [7]3 years ago
4 0

Answer:

The journal entry that records the sale should be:

Dr Accounts receivable 3,500

    Cr Sales revenue 3,500

Explanation:

If the invoice is paid within the discount term, the journal entry should be:

Dr Cash 3,430

Dr Sales discount 70

    Cr Accounts receivable 3,500

The sales discount is recorded only if the customer actually pays within the discount period, if they pay later, you must collect full payment.

You might be interested in
Over the last few months, Juan and his colleagues have analyzed the current business situation and identified target markets for
Mashcka [7]

Answer:

D. a marketing strategy.

Explanation:

Marketing strategy: It is long term approach to develop or penetrate market. Every stage of product life cycle require different marketing strategy. There are different analysis been done to come out with one marketing strategy that will help the company to achieve their primary objective. Strategy for marketing mix, such as product, prices, distribution and promotion are one of the most important strategy to tap the market and gain competitive advantage.

In the given case, Juan and his colleagues have developed a marketing strategy to gain more market share in their target market and how they can gain competitive advantage.

3 0
2 years ago
What is not part of all contracts?
sdas [7]
Premium is not included in all contracts. 
Offer is very important, time requirements is also a must in a contract, consideration is also stated in the contracts, but premium is not  included in the contract.
6 0
3 years ago
Read 2 more answers
This graph shows the market for pollution when permits are issued to firms and traded in the marketplace. The equilibrium number
DiKsa [7]
Please attach the graph if you can. Otherwise, I cannot answer this question
8 0
3 years ago
When auditing an entity's financial statements in accordance with government auditing standards (the yellow book), an auditor is
frez [133]
<span>Wiley CPA Exam Review 2010, Auditing and Attestation explained this on an exam that the auditor should issue a report to comply with the law on internal control and also to document financial information. The yellow book becomes an auditing standard that provided uniformity on reports.</span>
3 0
2 years ago
TopChop sells hairstyling franchises. TopChop receives $56,000 from a new franchisee for providing initial training, equipment a
valentina_108 [34]

Answer:

$73,500  is the revenue TopChop will recognize for the arrangement with Carlos.

Explanation:

Revenue is calculated as follows.

= amount received + Use of name

= $56,000 + $35,000 × (1÷2)

= $73,500

New franchise fee can be immediately recognised as income.

5 0
3 years ago
Other questions:
  • Patterson Corporation began the year with retained earnings of $325,000. During the year, the company issued $500,000 of common
    8·1 answer
  • A company requires that all technology purchases be approved by IT and must conform to company standards. This is an example of​
    6·1 answer
  • Access to lifesaving medicine is very limited in parts of Africa; as a result, over 10% of children do not reach the age of five
    7·1 answer
  • Question 1 (1 point)
    14·1 answer
  • What are the pros and cons of relocating a small or midsized manufacturing firm (that makes mature products) from the united sta
    11·1 answer
  • MANAGING YOUR FINANCES IS A DAILY OR WEEKLY ACTIVITY FOR FINANCIAL WELLBEING, xplain 2 PROFESSIONAL DEVELOPMENT ACTIVITIES YOU C
    7·1 answer
  • On their second date, Colby and Mac spend a considerable amount of time talking about their pasts, revealing their likes and dis
    14·1 answer
  • If Modern Company received $3,650 from Connor Young Company on March 12 for the total amount of an account which had been writte
    12·1 answer
  • As leaders, it is our responsibility to those we work with and to ensure we provide them with the tools they need to succeed.
    12·1 answer
  • can someone please help me i need the sales analysis for covergirl. please help it's due in 30 minutes
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!