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marin [14]
2 years ago
12

On April 2, KLV sold $30,000 of inventory items on credit with the terms 1/10, net 30. Payment on $18,000 sales was received on

April 8 and the remaining payment on $12,000 sales was received on April 27. Assuming KLV uses the net method of accounting for sales discounts, the entry recorded on April 27 would include a:a. debit to Cash and credit to Accounts Receivable for $11,880.b. debit to Accounts Receivable and credit to Sales Discount Forfeited for $120.c. debit to Accounts Receivable and credit to Sales Revenue for $30,000.d. debit to Cash and credit to Sales Discount Forfeited for $300.
Business
1 answer:
yuradex [85]2 years ago
7 0

Answer:

b. debit to Accounts Receivable and credit to Sales Discount Forfeited for $120

Explanation:

The last payment of $12,000 it's without discount because was not made within the 10 days, so it's necessary to Debit Cash by $12,000 and reverse the accrual for the remaining $120 discount offered not applied.

The it's necessary to record this entry:

b. debit to Accounts Receivable and credit to Sales Discount Forfeited for $120

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