On November 10 of the current year, Flores Mills sold carpet to a customer for...
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Accounting
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. The customer pays the balance in full on November 15.
Required: What is the net impact to total revenue on November 10?
Increase (credit) of 160
Decrease (debit) of 7,840
Decrease (debit) of 8,000
Decrease (debit) of 160
Increase (credit) of 8,000
Increase (credit) of 7,840
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