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 sales discounts.
What is the correct entry for Flores on December 5, assuming the correct payment was received on that date?
1. Cash 8,000
Accounts receivable 7,840
Sales discounts revenue 160
2. Cash 8,000
Accounts receivable 7,840
Interest revenue 160
3. Cash 8,160
Accounts receivable 8,000
Sales discounts forfeited 160
4. Cash 8,000
Accounts receivable 8,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “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 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Suppose a company rents office space for one year, paying $36,000 ($3,000/month) in advance on September 1. Record the adjusting entry on December 31.
Answers (1)
Tandoor Inc. financial statements included the following amounts for the current year: Retired bonds $73,000 Proceeds from collection of note receivable 37 comma 000 Dividends received 45,000 Acquired production machinery with cash 52 comma 000 Sold
Answers (1)
Which overall message does this political cartoon convey? advertising on buses will raise money for schools. advertising on buses should be targeted toward school children. advertising on school buses could negatively affect children.
Answers (1)
Bill Carson owned some land that was mortgaged to Bob Jordan. Carson erected a building on this land in which he installed heavy machinery and boilers. At the time he intended these fixtures to be permanent.
Answers (1)
Select the correct answer. Dorothy has been operating a small florist shop in a particular location for years. Recently, a new florist started a business two blocks away from Dorothy's shop.
Answers (1)
New Questions in Business
What causes changes from one phase of the business cycle to another?
Answers (1)
Worthy Ships initially issued 400,000 shares of $1 par stock for $2,000,000 in 2021. In 2023, the company repurchased 40,000 shares for $400,000. In 2024. 20,000 of the repurchased shares were resold for $320,000.
Answers (1)
A new mall will be constructed in a large city. Why are business owners most likely viewing a topography map before construction? a. to find flat areas of land for building b. to identify key landforms in the area c.
Answers (1)
True or False? An environmental office is one that is concerned with managing resources so these resources do not negatively affect the environment.
Answers (2)
Bruno's stock should return 14 percent in a boom, 11 percent in a normal economy, and 4 percent in a recession. The probabilities of a boom, normal economy, and recession are 8 percent, 90 percent, and 2 percent, respectively.
Answers (1)