On December 1, Macy Company sold merchandise with a selling price of $8,000 on account to Mrs Jorgensen, with terms 2/10, n/30 On December 3, Mrs. Jorgensen returned merchandise with a selling price of $900 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? O A. Debit Cash for $6.958 and credit Accounts Receivable for $6.958 OB. Debit Cash for $6.958, debit Sales Discounts for $142, and credit Accounts Receivable for $7,100 OC. Debit Sales Revenue for $7,100, credit Sales Discount for $142 and credit Cash for $6,958 O D. Debit Sales Revenue for $6,958, debit Sales Discounts for $142, and credit Accounts Receivable for $7,100

On December 1, Macy Company sold merchandise with a selling price of $8,000 on account to Mrs Jorgensen, with terms 2/10, n/30 On December 3, Mrs. Jorgensen returned merchandise with a selling price of $900 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? O A. Debit Cash for $6.958 and credit Accounts Receivable for $6.958 OB. Debit Cash for $6.958, debit Sales Discounts for $142, and credit Accounts Receivable for $7,100 OC. Debit Sales Revenue for $7,100, credit Sales Discount for $142 and credit Cash for $6,958 O D. Debit Sales Revenue for $6,958, debit Sales Discounts for $142, and credit Accounts Receivable for $7,100

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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