On December 1, Macy Company sold merchandise with a selling price of $1000 on account to Mrs. Jorgensen, with terms 3/10, n/30. Mrs. Jorgensen paid the amount due on December 9. Which journal entry should Macy Company prepare on December 9?
A) Debit Cash for $1000 and credit Sales Revenue for $1000.
B) Debit Sales Revenue for $1000 and credit Cash for $1000.
C) Debit Sales Revenue for $1000, credit Sales Discount for $30, and credit Cash for $970.
D) Debit Cash for $970 and credit Accounts Receivable for $970.
Correct Answer:
Verified
Q7: Which of the following statements regarding contracts
Q17: Nichols Company has shipped goods to one
Q18: To satisfy a performance obligation means that:
A)the
Q41: On December 2, a customer returned merchandise,
Q43: The revenue recognition principle requires that revenue
Q45: On December 1, Macy Company sold merchandise
Q47: If the credit terms are 2/10, n/30,
Q48: A business offers credit terms of 2/15,
Q49: On July 8, ABC Plumbing provided services
Q51: Which of the following is a TRUE
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents