On April 2, Kelvin sold $31000 of inventory items on credit with the terms 2/10, net...

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On April 2, Kelvin sold $31000 of inventory items on credit with the terms 2/10, net 30. Payment on $18600 sales was received on April 8 and the remaining payment on $12400 sales was received on April 27. Assuming Kelvin uses the net method of accounting for sales discounts, the entry recorded on April 27 would include a: O debit to Cash for $12400 and credit to Sales Discounts Forfeited for $248. O debit to Cash and credit to Accounts Receivable for $12152. O debit to Accounts Receivable and credit to Sales Revenue for $31000. O debit to Cash and credit to Sales Discounts Forfeited for $620. On April 2, Kelvin sold $31000 of inventory items on credit with the terms 2/10, net 30. Payment on $18600 sales was received on April 8 and the remaining payment on $12400 sales was received on April 27. Assuming Kelvin uses the net method of accounting for sales discounts, the entry recorded on April 27 would include a: O debit to Cash for $12400 and credit to Sales Discounts Forfeited for $248. O debit to Cash and credit to Accounts Receivable for $12152. O debit to Accounts Receivable and credit to Sales Revenue for $31000. O debit to Cash and credit to Sales Discounts Forfeited for $620.

Answer rating: 100% (QA)

working Sales Discount 124002 S... View the full answer