On April 1, 2020 Sony Company sold merchandise worth $10,000 to Dan Company, terms 4/10, n/30. On April 4 Dan returned merchandise valued $500 and on April9 Dan paid the account in full. Sony Company records the following entry on April 4, 2020: * O Debit Cash 10,000 and Credit Sales Revenue $10,000. O Debit Accounts Receivable $10,000 and Credit Sales Revenue $10,000. O Debit Cash $9,500 and Sales Discount $500 and Credit Accounts Receivable $10,000. Debit Sales Return and Allowance $500 and Credit Accounts Receivable $500. None of the above.

On April 1, 2020 Sony Company sold merchandise worth $10,000 to Dan Company, terms 4/10, n/30. On April 4 Dan returned merchandise valued $500 and on April9 Dan paid the account in full. Sony Company records the following entry on April 4, 2020: * O Debit Cash 10,000 and Credit Sales Revenue $10,000. O Debit Accounts Receivable $10,000 and Credit Sales Revenue $10,000. O Debit Cash $9,500 and Sales Discount $500 and Credit Accounts Receivable $10,000. Debit Sales Return and Allowance $500 and Credit Accounts Receivable $500. None of the above.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 26MC: A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize...

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Question

On April 1, 2020 Sony Company sold merchandise worth $10,000 to Dan
Company, terms 4/10, n/30. On April 4 Dan returned merchandise valued $500
and on April9 Dan paid the account in full.
Sony Company records the following entry on April 4, 2020: *
Debit Cash 10,000 and Credit Sales Revenue $10,000.
O Debit Accounts Receivable $10,000 and Credit Sales Revenue $10,000.
O Debit Cash $9,500 and Sales Discount $500 and Credit Accounts Receivable $10,000.
Debit Sales Return and Allowance $500 and Credit Accounts Receivable $500.
None of the above.
On April 9 sales discount is equal to:

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