On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system. The journal entry or entries that Klein will make on March 12 is:
Options:
Sales7,800
Accounts receivable 7,800
Sales7,800
Accounts receivable 7,800
Cost of goods sold4,500
Merchandise Inventory 4,500
Accounts receivable7,800
Sales 7,800
Accounts receivable7,800
Sales 7,800
Cost of goods sold4,500
Merchandise inventory 4,500
Accounts receivable4,500
Sales 4,500
On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system. On March 15, Babson returns some of the merchandise. The selling price of the merchandise is $600 and the cost of the merchandise returned is $350. Babson pays the invoice on March 20, and takes the appropriate discount. The journal entry that Klein makes on March 20 is:
Question 40 options:
Cash7,800
Accounts receivable 7,800
Cash4,500
Accounts receivable 4,500
Cash7,056
Sales discounts144
Accounts receivable 7,200
Cash7,056
Accounts receivable 7,056
Cash7,644
Sales discounts156
Accounts receivable 7,800
Answers: 2
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