On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc. with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses a periodic inventory syste...
On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc. with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses a periodic inventory system. Alberta pays the invoice on October 8 and takes the appropriate discount. What journal entry will be recorded by Robertson on October 8?
a. Debit Cash for $3,920, debit Sales Discounts for $80, and credit Accounts Receivable for $4,000
b. Debit Cash and credit Accounts Receivable for $4,000
c. Debit Cash and credit Accounts Receivable for $5,800
d. Debit Cash for $5,684, debit Sales Discounts for $116, and credit Accounts Receivable for $5,800
Homework Answers
The Correct Option is 'd'. Journal entry is Debit Cash for $ 5.684, debit Sales Discounts for $ 116, & Credit Accounts Receivable for $ 5,800. Because Alberta made payment within 10 Days & He get a discount of 2 %. Discount Amount = $ 5,800 * 2 % = 116.
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On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc. with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses a periodic inventory syste...
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