Question: the discount period under the gross method would include Select one: a . 3 eredit to Accounts Receivable for $ 3 , 3 9 5

the discount period under the gross method would include
Select one:
a.3 eredit to Accounts Receivable for $3,395
b. a credit to Cash for $3,395
c. a eredit to Sales Discounts for $105
d. a debis to Sales of $105
the discount period under the gross method would

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!

Q:

28 Beram Corp issued a $70.000, ten year bond at the face rate of 0% pamut How much cash wine bondedor the end of the first rest pros? Select one A $2.000 51,200 C. 51.000 5800 On 29 Below are some...

Q:

QUESTION 3 0.1 points Save Answer Tony's Market recorded the following events involving a recent purchase of inventory: Received goods for $80,000, terms 2/10, n/30 Returned $1,600 of the shipment...

Q:

I would like if you can check my practice homework and let me know if my answer are correct or not? Thanks Oscar 1). Which one of the following is the financial statement that shows a financial...

Q:

List the major categories of accounts that appear on the income statement, and describe a typical heading for this statement: Select one: O The Income Statement includes revenues, expenses and net...

Q:

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method April 2 Purchased $4,800 of merchandise from Lyon...

Q:

1. As of March 31, 2020, the books of ABC, Inc. disclose the following information: Gross cash sales during the first quarter of 2020 $90,000 Gross credit sales during the first quarter of 2020...

Q:

I would like if you can over check my already answered(Highlighted in Yellow)practice homework and let me know if my answer are correct or not? Thanks. 1). Which one of the following is the financial...

Q:

1. The store had cash sales on January 13, 2017 of $9,450.78, but as per cash count it shows cash is only $9,450.75. Which of the following account is included to record sales? Select one: a. Credit...

Q:

On April 3, Timken Company sold $40,000 of merchandise on account to Milton Corporation, terms 3/10, n/30, FOB shipping point. Timken's cost of sales for this merchandise was $30,000. The merchandise...

Q:

In its latest set of financials, a company presents the following information regarding its income statement: Total Sales/Revenues $ 2,600,000 Tax Expense $ 120,000 Admin Expenses $ 550,000 Interest...

Q:

In each of the following cases, determine if the sample sizes are large enough so that the sampling distribution of the differences in the sample proportions can be approximated with a normal...

Q:

Federal Stores owns several retail store chains. On August 30, 2013, it sold all of the credit card receivables of its department store chains to Community Bank. Exhibit 12.16 reports the sale of...

Q:

Qurution 1 9 ef 2 3 Determine whether each of the concentrations causes an increase or decrease in the astivity of the electron tranaport chain. Increase in activity Decrease is activity Amery limat...

Q:

Pharoah Company reported the following amounts for 2022: Raw materials purchased $95,200 Beginning raw materials inventory 5,824 Ending raw materials inventory 5,040 Beginning finished goods...