24. Baker Company sells merchandise on account of 1/10, n/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? a. Cash.... Accounts Receivable. b. Cash... Sales Returns and Allowances. Accounts Receivable.... c. Cash... Sales Returns and Allowances. Sales Discounts. Accounts Receivable. d. Cash.. Sales Discounts. Sales Returns and Allowances. Accounts Receivable.... 4,400 4,356 644 4,356 600 44 4,950 50 4,400 5,000 5,000 600 4,400

FINANCIAL ACCOUNTING
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Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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24. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms
of 1/10, n/30. Helix Company returns $600 of merchandise that was damaged, along with
a check to settle the account within the discount period. What entry does Baker Company
make upon receipt of the check?
a. Cash...
Accounts Receivable.
b. Cash......
Sales Returns and Allowances.
Accounts Receivable.
c. Cash......
Sales Returns and Allowances.
Sales Discounts.
Accounts Receivable.
d. Cash......
Sales Discounts..
Sales Returns and Allowances.
Accounts Receivable....
4,400
4,356
644
4,356
600
44
4,950
50
4,400
5,000
5,000
600
4,400
Transcribed Image Text:24. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, n/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? a. Cash... Accounts Receivable. b. Cash...... Sales Returns and Allowances. Accounts Receivable. c. Cash...... Sales Returns and Allowances. Sales Discounts. Accounts Receivable. d. Cash...... Sales Discounts.. Sales Returns and Allowances. Accounts Receivable.... 4,400 4,356 644 4,356 600 44 4,950 50 4,400 5,000 5,000 600 4,400
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