Merchandise with a sales price of $2,800 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a a.debit to Customer Refunds Payable for $56 b.credit to Sales for $2,744 c.debit to Accounts Receivable for $2,800 d.debit to Cash for $2,800

Merchandise with a sales price of $2,800 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a a.debit to Customer Refunds Payable for $56 b.credit to Sales for $2,744 c.debit to Accounts Receivable for $2,800 d.debit to Cash for $2,800

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 13Q: If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the...

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Question

Merchandise with a sales price of $2,800 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a

a.debit to Customer Refunds Payable for $56

b.credit to Sales for $2,744

c.debit to Accounts Receivable for $2,800

d.debit to Cash for $2,800

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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