On September 12, Vander Company sold merchandise in the amount of $2,000 to Jepson Company,...
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On September 12, Vander Company sold merchandise in the amount of $2,000 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,380. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $170 and the cost of the merchandise returned is $120. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is: Multiple Choice Cash 1,380.00 Accounts receivable 1,380.00 Cash 1,963.40 Sales discounts 36.60 Accounts receivable 2,000.00 Cash 1,793.40 Sales discounts 36.60 Accounts receivable 1,830.00 Cash 1,963.40 Accounts receivable 1,963.40 Cash 2,000.00 Accounts receivable 2,000.00
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