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DQuestion 13 1 pts Michelin Jewelers completed the following transactions. Michelin Jewelers uses the perpetual inventory system. On April 2, Michelin sold $9,000 of merchandise to a customer on account with terms of 3/15, n/30. Michelins cost of the merchandise sold was $5,500. Which of the following journal entries correctly records the Sales revenue? O Dr. Sales Revenue 8,730: Cr. Acounts Receivable 8.730 O Dr. Cash 8,730, Cr. Sales Revenue 8,730 O Dr. Accounts Receivable 8730: Cr. Sales Revenue 8730 O Dr. Sales Revenue 8,730; Cr.Cost of Good Sold 8,730 1 ptb
Question 14 1 pts Michelin Jewelers completed the following transactions. Michelin Jewelers uses the peratual inventory system. On April 2, Michelin sold $8,000 of merchandise to a customer on account with terms of 3/15, n/30. Michelins cost of the merchandise sold was $5,500 On April 10, Michelin received payment from the customer (note: within discount period). Which of the following entries correctly records the cash receipt on Michelins books? O Dr. Accounts Payable 7.760, Gr. Cash 7,760 O Dr. Cash 8,000: Cr. Accounts Payable 8,000 O Dr. Cash 8,000; Accounts Receivable 8,000 O Dr. Cash 7.760; Cr. Accounts Receivable 7,760 1 pts
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Question 13- The answer is Dr. Accounts Receivable S8,730, Cr. Sales Revenue S8,730 Explanation Sales terms 3/15, n/30 means the following: 3/15 means: 2 indicates the discount percentage and 15 indicates the number of days (from the date of the invoice) within which customer (or) buyer has to pay the amount it owed to Michelin Jewelers to avail (or to qualify for) the discount of 3%. N/30 states that if the buyer is not able to pay the invoice amount within 15 days to avail 3% discount, then the entire invoice amount is due within 30 days from the date of invoice. Sale Value Less: discount-S9.000 x 3%- Net sales -$9,000 $270 S8,730Revenue & Amount receivable from the customer Journal Entries to record the sales revenue on the date of sale Account titles and Explanation Debit Credit Accounts Rcccivablc $8.730 Sales revenue $8,730 To record sales on creditQuestion 14 The answer is Dr. Cash $7,760, Cr. Accounts Receivable $7,760 Explanation: Sales terms 3/15, n/30 means the following: 3/15 means: 2 indicates thc discount percentagc and 15 indicates the number of days (from the datc of the invoice) within which customer (or) buyer has to pay the amount it owed to Michelin Jewelers to avail (or to qualify for the discount of 3% invoice amount within 15 days to avail 3% discount, then the cntirc invoice amount N/30 states that if the buyer is not able to pay is duc within 30 days from the date of invoice. Sale Value Less: discount Net sales S8,000 $8,000 x 3%- $2 40 $7.760>Revenuc and amount reccivable from the customer Step 1- Journal Entries to record the sales revenue on the date of sale Account titles and Explanation Debit Credit Accounts Rcccivablc $7,760 Sales revenuc 7,760 To record sales on credit Step -2 Journal Entry to record the cash receint on the date cash is received Account titles and Explanation Dcbit Credit Cash $7,760 Accounts Receivable $7,760 To record cash receipt

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