9) Assume the periodic inventory system. Krinkle Company soldinventory on account for $500 on May 8, 20X9, with terms of 2/10,n/30. On May 16, 20X9, the appropriate payment was received fromthe customer. Which of the following is the journal entry to recordthe March 16 transaction on Krinkle's books?
A)Cash 500
AccountsReceivable 500
B)Cash 490
Cash Discount onSales 10
AccountsReceivable 500
C)Cash 490
Sales 10
AccountsReceivable 500
D)Cash 500
Cash Discount onSales 10
AccountsReceivable 490
E)Cash 500
Sales 10
AccountsReceivable 490
9) Assume the periodic inventory system. Krinkle Company soldinventory on account for $500 on May 8, 20X9, with terms of 2/10,n/30. On May 16, 20X9, the appropriate payment was received fromthe customer. Which of the following is the journal entry to recordthe March 16 transaction on Krinkle's books?
A)Cash 500
AccountsReceivable 500
B)Cash 490
Cash Discount onSales 10
AccountsReceivable 500
C)Cash 490
Sales 10
AccountsReceivable 500
D)Cash 500
Cash Discount onSales 10
AccountsReceivable 490
E)Cash 500
Sales 10
AccountsReceivable 490
Related questions
On September 12, Vander Company, Inc. sold merchandise in the amount of $5,800 to Jepson Company on credit with terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the gross method of accounting for sales and a periodic inventory system. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. Jepson pays the invoice on September 18 and takes the appropriate discount. The journal entry that Vander makes on September 18 is:
| Cash | 5,684 | |
| Sales discounts | 116 | |
| Accounts receivable | 5,800 |
| Cash | 5,800 | |
| Accounts receivable | 5,800 |
| Cash | 4,000 | |
| Accounts receivable | 4,000 |
| Cash | 5,684 | |
| Accounts receivable | 5,684 |
| Cash | 5,194 | |
| Sales discounts | 106 | |
| Accounts receivable | 5,300 |
On September 12, Vander Company, Inc. sold merchandise in the amount of $5,800 to Jepson Company on credit with terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the gross method of accounting for sales and a periodic inventory system. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. Jepson pays the invoice on September 18 and takes the appropriate discount. The journal entry that Vander makes on September 18 is:
| Cash | 5,684 | |
| Sales discounts | 116 | |
| Accounts receivable | 5,800 |
| Cash | 5,800 | |
| Accounts receivable | 5,800 |
| Cash | 4,000 | |
| Accounts receivable | 4,000 |
| Cash | 5,684 | |
| Accounts receivable | 5,684 |
| Cash | 5,194 | |
| Sales discounts | 106 | |
| Accounts receivable | 5,300 |
