Question: Hello, please help me to solve it step by step. I know correct answer posted on the below. Thank you so much. Testbank Multiple Choice

Hello, please help me to solve it step by step. I know correct answer posted on the below. Thank you so much.

Testbank Multiple Choice Question 92

On July 22, Anthony sold $24600 of inventory items on credit with the terms 3/15, net 30. Payment on $16000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Anthony uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? Correct answer: How can I reach these journal entry?

Cash15520

Sales Discount 480

Accounts Receivable 16000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Hello, please help me to solve it step by step. I know correct answer posted on the below. Thank you so much. Crane Company has the following items at year-end: Cash in bank $32000 Petty cash 250...

ATTENTION TUTORS PLEASE HELP ME IN ANSWERING THIS ATTACHMENT WORKSHEET I NEED IT FOR CLASS IN ACCOUNTING THANK YOU HAVE THE ANSWERS IN YELLOW PLEASE SEE ATTACHMENT Question 1 of 15 1. A small...

this is CircularLinkedList.java please help me to solve it, thank you so much ,and if you can please show your code through Intellj 1 The Somewhat Simplified Solitaire Encryp- tion Algorithm In Neal...

Hello please help me work on the following assignments. I need them on monday ACCT 3331 Topics to know for Exam I Chapter 1 & 2 - Financial Accounting Standards and Conceptual Framework Know the...

PLEASE DO NOT START THIS IF YOU WILL NOT ACTUALLY HAVE THIS DONE, AS I NEED THIS ASAP... Thank you (I will give you a good rating). Hello! Please help ASAP! Please TYPE your help back to me. PLEASE...

I need help with the following review questions please! Its related to ethics and accounting, should be straight forward please help. I need this by tomorrow. Please let me know if you need any...

I'm an undergrad accounting student in an introduction to forensic accounting course.I need help getting started on a final project for this class over a fictitious company called the Grand Teton...

Module 9 Assignment: TOC Answer all the questions and submit your answer report to Module 9 Assignment in Dropbox by the deadline . The report should be typed, single spaced, in one MS Word file. You...

FINAL EXAM Spring 2016 ASCM 627 INSTRUCTIONS - PLEASE READ THEM The first ten questions are true/false and are worth one point each. Questions 11 through 24 are worth 5 points each and you should be...

Hello, Need help with the following:Please see Rubric thks Using information from"Are You Paying Too Much for That Acquisition?" List and describe the components used to calculate synergy value....

If f = xy+yz+zx, compute the cellar (covariant) components of Vf in oblique Cartesian coordinates defined by x = U+w, y=v-W, Z = U+V+W

The maximum frequency that humans can hear is roughly 20,000Hz. a) Convert frequency to kHz. b) Find the period of this oscillation in seconds (s),milliseconds (ms), and microseconds (s)

Question 1 of 3 0 Points: 1 / Saunders 1 - Intro Which of the following are capital market instruments? A . 1 0 - year corporate bonds B . 1 5 - year U . S . government agency bonds C . 3 0 - year...

last two options for the multiple choice are : performance management development A construction equipment manufacturer, Roswell Corporation, is focusing on becoming a leader in sustainability in...

1. Outline the listening process and styles of listening

4. Explain key barriers to competent intercultural communication