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 andthe 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 theinvoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is:Multiple ChoiceCash2,600.00Accounts receivable2,600.00Cash1,800.00Accounts receivable1,800.002,327.5047.50CashSales discountsAccounts receivable2,375.00Cash2,552.50Accounts receivable2,552.502,552.5047.50CashSales discountsAccounts receivable2,600.00 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 andthe gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is:Multiple ChoicePurchases8,600Accounts receivable8,600Purchases5,400Accounts receivable5,400Purchases8,600Accounts payable8,600Merchandise inventoryAccounts payable8,6008,600Accounts payableMerchandise inventory5,4005,400

The first question has been answered. Discount given as payment is received within 10 days = $2,600…

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

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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