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February 1, Adams Company sold merchandise on credit with a list price of $8,400. Terms were 3/15, n/45. Which of the following entries correctly applies the indicated method to receive the appropriate customer payment on February 12? Gross Price Method Cash 8,148   Accounts Receivable   8,148 Net Price Method Cash 8,400   Sales Revenue   252   Accounts Receivable   8,148

February 1, Adams Company sold merchandise on credit with a list price of $8,400. Terms were 3/15, n/45. Which of the following entries correctly applies the indicated method to receive the appropriate customer payment on February 12? Gross Price Method Cash 8,148   Accounts Receivable   8,148 Net Price Method Cash 8,400   Sales Revenue   252   Accounts Receivable   8,148

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. February 1, Adams Company sold merchandise on credit with a list price of $8,400. Terms were 3/15, n/45. Which of the following entries correctly applies the indicated method to receive the appropriate customer payment on February 12?
    Gross Price Method
    Cash 8,148
      Accounts Receivable   8,148
    Net Price Method
    Cash 8,400
      Sales Revenue   252
      Accounts Receivable   8,148
    Gross Price Method
    Cash 8,400
      Accounts Receivable   8,400
    Net Price Method
    Cash 8,148
      Accounts Receivable   8,148
     
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