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
Why do traditional ad/marketing agencies struggle with digital marketing? check all that apply Group of answer choices Hard to change, became successful without having to learn techology Hard to attract technical staff No digital skills among staff
Answers (1)
Skylar is the owner of Pirate Pizza Bus, a popular food truck. The food truck was so successful that she decided to open a brick-and-mortar location several years ago.
Answers (1)
The tobler company has budgeted production for next year by quarter as follow: Quarter first second third fourth Units 10,000 12,000 16,000 14,000 Four pounds of raw materials are required for each unit produced.
Answers (1)
Joe Jackson operates a sole proprietorship, but he is in poor health and may be unable to continue running the business. If Joe becomes incapacitated, his business: ceases to exist unless sold or taken over by Joe's heirs.
Answers (1)
During a group meeting, pat questions the feasibility and logic of the solution that the group plans to propose. pat is performing the role of blocker. a. True b. False
Answers (1)
New Questions in Business
What is meant by the term operating leverage?
Answers (1)
John Hernandez is 24 years old and has saved enough money to fund an adequate emergency fund. In addition, he has saved $5,600 that can be used to fund an investment program.
Answers (2)
Jan. 8 Issued Check 2101 for $2,450 on account to Song, Inc., in payment of Invoice 1885 dated December 30, 2018, less cash discount of $50. 10 Purchased merchandise for $1,250 from Song, Inc., Invoice 1920; terms 2/10, n/30.
Answers (1)
The value that consumers get (from consuming a product) over and above what they actually paid for the product is called rev: 05_10_2018 Multiple Choice consumer demand. consumption expenditures. consumer surplus. consumer utility.
Answers (1)
Chunky Chicken, Inc., announced yesterday that it plans to issue $100 million in debenture bonds to fund the expansion of its fast food chain of restaurants. In financial terms, this means: A.
Answers (1)