On September 12, Vander Company sold merchandise in the amount of $2,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,800. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $225 and the cost of the merchandise returned is $160. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is: Multiple Choice Cash 2,600.ee Accounts receivable 2,600.ee Cash 1,800.ee Accounts receivable 1,800.ee 2,327.5e 47.se 2,375.e0 Cash Sales discounts Accounts receivable Cash 2,552.5e Accounts receivable 2,552.5e Cash Sales discounts 2,552.5e 47.5e 2,600.ee Accounts receivable
On September 12, Vander Company sold merchandise in the amount of $2,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,800. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $225 and the cost of the merchandise returned is $160. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is: Multiple Choice Cash 2,600.ee Accounts receivable 2,600.ee Cash 1,800.ee Accounts receivable 1,800.ee 2,327.5e 47.se 2,375.e0 Cash Sales discounts Accounts receivable Cash 2,552.5e Accounts receivable 2,552.5e Cash Sales discounts 2,552.5e 47.5e 2,600.ee Accounts receivable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:On September 12, Vander Company sold merchandise in the amount of $2,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $1,800. Vander uses the periodic inventory system and
the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $225 and the cost of the merchandise returned is $160. Jepson pays the
invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is:
Multiple Choice
Cash
2,600.00
Accounts receivable
2,600.00
Cash
1,800.00
Accounts receivable
1,800.00
2,327.50
47.50
Cash
Sales discounts
Accounts receivable
2,375.00
Cash
2,552.50
Accounts receivable
2,552.50
2,552.50
47.50
Cash
Sales discounts
Accounts receivable
2,600.00

Transcribed Image Text:On September 12, Vander Company sold merchandise in the amount of $8,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,400. Jepson uses the periodic inventory system and
the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is:
Multiple Choice
Purchases
8,600
Accounts receivable
8,600
Purchases
5,400
Accounts receivable
5,400
Purchases
8,600
Accounts payable
8,600
Merchandise inventory
Accounts payable
8,600
8,600
Accounts payable
Merchandise inventory
5,400
5,400
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