Julissa Company sold merchandise in the amount of $17,400 to Nunez Company on September 1, with credit terms of 2/10, n/30. The cost of the merchandise is $7,200. On September 4, Nunez returns some of the merchandise, which was put back into Julissa's inventory. The selling price and the cost of the returned merchandise are $2,400 and $1,500, respectively.
Nunez Company's journal entry on September 8, when they pay the amount due, will include: (assume both companies use the perpetual inventory method)
A) Credit Purchase Discounts $300
B) Credit Cash $15,582
C) Debit Accounts Payable $15,000
D) Credit Sales Discounts $300
Correct Answer:
Verified
Q35: Lizard Company purchased $16,000 worth of merchandise,
Q36: Vienna Stores recorded the following events involving
Q37: Clarksburg Stores recorded the following events involving
Q38: Gulliver's Groceries purchased milk cartons at an
Q39: Javier's Groceries purchased milk cartons at an
Q41: Schulze Company sold merchandise in the amount
Q42: On June 15, a food wholesaler sold
Q43: On June 15, a food wholesaler sold
Q44: When merchandise that was sold on account
Q45: A manufacturing company sells goods to a
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