Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on may 1, your company sold merchandise in the amo

On May 1, Your Company sold merchandise in the amount of $15,500, with credit terms...

80.2K

Verified Solution

Question

Accounting

image
On May 1, Your Company sold merchandise in the amount of $15,500, with credit terms of 3/10,n/30. The cost of the items sold is $9,000. Your Company uses the perpetual inventory system. You received payment on May 8. Which journal entry records the May 8 transaction? Cash Sales discount Accounts Receivable 15,035 456 15,500 15,035 Cash Accounts Receivable 15,035 Cash Revenue Accounts Receivable 15,035 465 15,500 15,500 Cash Accounts Receivable 15,500 O Cash Sales discount Accounts Receivable 8,730 270 9,000

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Please find how many numbers more than 1,000 and less than 1,000,000 are not multiple of...

Advance Math
Q

literature review on plastic pollution report progress? Pleas with reference

Biology
Q

Shaghai Tea Products has an exclusive contract with British Distributors. Calamine and Shanghai are two brands...

Accounting
Q

The pyruvate dehydrogenase complex (PDC) catalyzes the conversion of pyruvate to acetyl-CoA, a substrate for...

Biology
Q

Write the following sum as a single logarithm. Assume all variables are positive.log3(c) + log3(c...

Basic Math
Q

In a class of 59 students, 19 have black hair, 17 have brown hair, 17...

Basic Math
Q

What sections of the fraud examination checklist were most helpful to the investigation and why?...

Accounting
Q

Question 4.2 4.2 REQUIRED Use the information provided below to calculate the expected...

Accounting
Q

Murchie Ltd. earned $20,800,000 in 20X6 and paid dividends of $7,700,000. The company has two...

Accounting
Q

There www 20 coded DO Oudedant Wear Satheted transaction Fantothen dolara 20 21 Dec 3:...

Accounting
Q

Part D Decide what shape the tank is and what its dimensions are. You may...

Accounting
Q

Needed: Short-Term debt% Long-Term Debt % Common equity %...

Finance