Question

On September 12, Vander Company sold merchandise in the amount of $6,200 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $4,400. Vander uses the periodic inventory system and the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is Multiple Choice Sales 6,200 Accounts receivable 6,200 Cost of goods sold 4,400 Merchandise Inventory 4,400 Accounts receivable 6,200 Sales 6,200 Cost of goods sold 4,400 Merchandise Inventory 4,400 Accounts receivable 6,200 Sales 6,200 Accounts receivable 4,400 Sales 4,400 Sales 6,200 Accounts receivable 6,200

Answer 1

Solution:

Journal Entry - Vander Company
Date	Particulars	Debit	Credit
12-Sep	Accounts receivables Dr	$6,200.00
	To Sales		$6,200.00
	(To record sales on account)

Hence 3rd option is correct.