On November 10 of the current year, Flores Mills sold carpet to a customer for $7,700 with credit terms 4/10 /30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date? Multiple Choice Cash . Cash Cash Cash Account Title Accounts receivable. Cash Account Title Accounts receivable Interest revenue Accounts receivable Interest revenue Account Title Account Title Accounts receivable Sales discounts revenue Account Title 4 Accounts receivable Sales discounts forfeited Debit 7,700 Debit 7,700 Debit 7,700 Debit Credit 7,700 Debit 8,008 7,700 Credit 7,392 308 Credit 7,392 308 Credit 7,392 308 Credit 7,700 308

On November 10 of the current year, Flores Mills sold carpet to a customer for $7,700 with credit terms 4/10 /30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date? Multiple Choice Cash . Cash Cash Cash Account Title Accounts receivable. Cash Account Title Accounts receivable Interest revenue Accounts receivable Interest revenue Account Title Account Title Accounts receivable Sales discounts revenue Account Title 4 Accounts receivable Sales discounts forfeited Debit 7,700 Debit 7,700 Debit 7,700 Debit Credit 7,700 Debit 8,008 7,700 Credit 7,392 308 Credit 7,392 308 Credit 7,392 308 Credit 7,700 308

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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