Please answer the foll 74) On November 10 of the current year, Flores Mills provides services toa customer for $8,000 with credit terms 2/10, n/30. The customer madethe correct payment on November 17. How would Flores record thecollection of cash on November 17?A. CashAccounts ReceivableB. CashSales DiscountsAccounts ReceivableC. CashSales RevenueAccounts ReceivableD. CashAccounts Receivable7,8407,8401607,8401608,0007,8408,0008,0008,000 136) A company sold inventory for $1,200 that was purchased for $700.The company records which of the following when it sells the inventoryusing a perpetual inventory system?B) Debit Cost of Goods Sold $700; credit Inventory $700.C) Debit Cost of Goods Sold $1,200; credit Inventory $1,200.O A) No entry is required for cost of goods sold and inventory.OD) Debit Inventory $700; credit Cost of Goods Sold $700.

In financial accounting system when the decisions regarding discount and credit period are given…

74) On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on November 17. How would Flores record the collection of cash on November 17? A. Cash Accounts Receivable B. Cash Sales Discounts Accounts Receivable C. Cash Sales Revenue Accounts Receivable 7,840 7,840 160 7,840 160 7,840 8,000 8,000

74) On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on November 17. How would Flores record the collection of cash on November 17? A. Cash Accounts Receivable B. Cash Sales Discounts Accounts Receivable C. Cash Sales Revenue Accounts Receivable 7,840 7,840 160 7,840 160 7,840 8,000 8,000

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.7C

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Please answer the foll

74) On November 10 of the current year, Flores Mills provides services to
a customer for $8,000 with credit terms 2/10, n/30. The customer made
the correct payment on November 17. How would Flores record the
collection of cash on November 17?
A. Cash
Accounts Receivable
B. Cash
Sales Discounts
Accounts Receivable
C. Cash
Sales Revenue
Accounts Receivable
D. Cash
Accounts Receivable
7,840
7,840
160
7,840
160
8,000
7,840
8,000
8,000
8,000

136) A company sold inventory for $1,200 that was purchased for $700.
The company records which of the following when it sells the inventory
using a perpetual inventory system?
B) Debit Cost of Goods Sold $700; credit Inventory $700.
C) Debit Cost of Goods Sold $1,200; credit Inventory $1,200.
O A) No entry is required for cost of goods sold and inventory.
OD) Debit Inventory $700; credit Cost of Goods Sold $700.

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Accounting for Cash and cash equivalents

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