Dora's Blankets and Bedding had a sale of $600 to a charge customer, terms 2/15, n/30. Dora should record this transaction as follows: (Round intermediary calculations to the nearest cent and final answers to the whole dollar.)
A) debit Accounts Receivable $600; credit Sales $600.
B) debit Cash $600; credit Sales $600.
C) debit Accounts Receivable $588; debit Sales Discounts $12; credit Sales $600.
D) debit Sales $600; credit Accounts Receivable $600.
Correct Answer:
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Q1: B&B Lumber reports gross sales of $120,000.
Q3: A characteristic of Sales Returns and Allowances
Q4: Gross sales equals:
A) net sales minus sales
Q5: The side that increases the balance of
Q6: Betsy's pottery sold 300 tiles at $40
Q7: A characteristic of the account, Sales Discount,
Q8: Merchants who buy goods from wholesalers for
Q9: Credit terms of 3/15, n/30 mean that:
A)
Q10: Sales Tax Payable is a:
A) liability account
Q11: The length of time the customer is
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