n December 1, Macy Company sold merchandise with a selling price of $9,000 on account to Mrs Jorgensen, with terms 4/10, n/30, On December 3, Mrs Jorgensen returned merchandise with a selling price of $700 Mrs Jorgensen paid the amount due on ecember 9 What journal entry did Macy Company prepare on December 9 assuming the gross method is used? OA. Debit Cash for $7.968 and credit Accounts Receivable for $7.968 OB. Debit Sales Revenue for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300 OC. Debit Cash for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300 O D. Debit Sales Revenue for $8,300, credit Sales Discount for $332 and credit Cash for $7,968.
n December 1, Macy Company sold merchandise with a selling price of $9,000 on account to Mrs Jorgensen, with terms 4/10, n/30, On December 3, Mrs Jorgensen returned merchandise with a selling price of $700 Mrs Jorgensen paid the amount due on ecember 9 What journal entry did Macy Company prepare on December 9 assuming the gross method is used? OA. Debit Cash for $7.968 and credit Accounts Receivable for $7.968 OB. Debit Sales Revenue for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300 OC. Debit Cash for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300 O D. Debit Sales Revenue for $8,300, credit Sales Discount for $332 and credit Cash for $7,968.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:n December 1, Macy Company sold merchandise with a selling price of $9,000 on account to Mrs. Jorgensen, with terms 4/10, n/30. On December 3, Mrs Jorgensen returned merchandise with a selling price of $700 Mrs. Jorgensan paid the amount due on
ecember 9 What journal entry did Macy Company prepare on December 9 assuming the gross method is used?
O A. Debit Cash for $7,968 and credit Accounts Receivable for $7,968
O B. Debit Sales Revenue for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300
OC. Debit Cash for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300.
O D. Debit Sales Revenue for $8,300, credit Sales Discount for $332 and credit Cash for $7,968.
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