Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on march 12, fret company sold merchandise in the

On March 12, Fret Company sold merchandise in the amount of $7,800 to Babson Company,...

50.1K

Verified Solution

Question

Accounting

image
image
On March 12, Fret 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. Fret uses the perpetual inventory system and the gross method of accounting for sales. The journal entry or entries that Fret will make on Marc 12 is (are): Multiple Choice \begin{tabular}{|c|c|c|} \hline \multicolumn{1}{|c|}{ Account Title } & Debit & Credit \\ \hline Sales & 7,800 & \\ \hline Accounts Receivable & & 7,800 \\ \hline Cost of Goods Sold & 4,500 & \\ \hline Merchandise Inventory & & 4,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline Account Title & Debit & Credit \\ \hline Accounts Receivable & 7,800 & \\ \hline Sales & & 7,800 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{1}{|c|}{ Account Title } & Debit & Credit \\ \hline Accounts Receivable & 4,500 & \\ \hline Sales & & 4,500 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{1}{|c|}{ Account Title } & Debit & Credit \\ \hline Sales & 7,800 & \\ \hline Accounts Receivable & & 7,800 \\ \hline \end{tabular}

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Advance Math
1.2K views

Use the Laplace transform to solve the given system of differential equations. d2x/dt2 + x − y...

Chemistry
1.2K views

Natural gas consists of 60.0 mole% ethane and 40.0 mole% butane. The gas is stored in...

Mechanical Engineering
1.2K views

Determine which of the following polymers are the result of polymerization, and which are the result...

Economics
1.2K views

****PLEASE ANSWER ASAP**** PLEASE SHOW WORK You want to maximize your utility and find your consumer optimum. Here...

General Management
1.2K views

five diferent consepts and theories about the case the norton company versus 3M

Physics
1.2K views

56 An astronomical telescope of tenfold angular magnification has a length of 44 cm The...

Physics
1.2K views

23 Interference fringes were produced in YDSE using light of wavelength 5000 A When a...

Accounting
1.2K views

is not an attribute of a Food and Beverage Employee Select one: a. Punctuality b....

Accounting
1.2K views

Don tiene $3000 invertidos en AT&T con un rendimiento esperado de 11.6 por ciento; $10,000...

Accounting
1.2K views

Below are percentages for annual sales growth and net sales annued to loyalty card usage...

Accounting
1.2K views

Remember, the selling price of a bond is the sum of the

Finance
1.2K views

S. Improving Writing Techniques To further improve your business communication, you can develop techniques that...