Multiple Choice
A company sold merchandise for $4,000 on account with terms of 4/15,n/30.The company uses a perpetual inventory system.Defective merchandise of $200 was returned two days later.If the payment was received after 30 days,the journal entry to record the cash receipt will include ________.
A) a debit to Cash for $3,840 and a credit to Accounts Receivable for $3,840
B) a debit to Cash for $3,800 and a credit to Accounts Receivable for $3,800
C) a credit to Sales Revenue for $3,800 and a debit to Cash for $3,800
D) a credit to Cost of Goods Sold for $4,000 and a debit to Sales Revenue for $4,000
Correct Answer:
Verified
Correct Answer:
Verified
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