Kaden Co. sells merchandise on credit to Jase Co. for $9,600. The invoice is dated July 15 with terms of 1/15, net 45. If Jase Co. chooses not to take the discount, bywhen should the payment be made?Oa. July 25Ob. August 15Oc. July 30Od. August 29

Discount: It refers to a percentage that is deducted from the normal selling price of a product.

Answered: Kaden Co. sells merchandise on credit…

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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On December 1, Macy Company sold merchandise with a selling price of $10,000 on account to Mrs. Jorgensen, with terms 1/10, n/30. On December 3, Mrs. Jorgensen returned merchandise with a selling price of $400. Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used? A) Debit Cash for $9,504, debit Sales Discounts for $96, and credit Accounts Receivable - Mrs. Jorgensen for $9,600. B) Debit Sales Revenue for $9,504, debit Sales Discounts for $96, and credit Accounts Receivable - Mrs. Jorgensen for $9,600. C) Debit Sales Revenue for $9,600, credit Sales Discount for $96 and credit Cash for $9,504. D) Debit Cash for $9,504 and credit Accounts Receivable - Mrs. Jorgensen for $9,504.
Please both subparts answer please
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Kaden Co. sells merchandise on credit to Jase Co. for $9,600. The invoice is dated July 15 with terms of 1/15, net 45. If Jase Co. chooses not to take the discount, by when should the payment be made? Oa. July 25 Ob. August 15 Oc. July 30 Od. August 29