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

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3rd Edition
ISBN:9780357391693
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Chapter4: Operating Activities: Sales And Cash Receipts
Section: Chapter Questions
Problem 1.7C
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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
Transcribed Image Text: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.
Transcribed Image Text: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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