QUESTION 3 You sell a 15 ft x 20 ft reproduction of Starry Night to a customer on account. The normal selling price is $3,000 but you offer them a trade discount off $300 because you need to free up the storage space for incoming inventory. The customer pays the balance of their bill after three months. Which of the following is part of the correct journal entry that you should record at the time that the customer pays for the painting? ODEBIT to Sales Discount of $300 O CREDIT to Sales Revenue of $2,700 ODEBIT to Cash of $2,700 O CREDIT to Accounts Receivable of $3,000
QUESTION 3 You sell a 15 ft x 20 ft reproduction of Starry Night to a customer on account. The normal selling price is $3,000 but you offer them a trade discount off $300 because you need to free up the storage space for incoming inventory. The customer pays the balance of their bill after three months. Which of the following is part of the correct journal entry that you should record at the time that the customer pays for the painting? ODEBIT to Sales Discount of $300 O CREDIT to Sales Revenue of $2,700 ODEBIT to Cash of $2,700 O CREDIT to Accounts Receivable of $3,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
3
Transcribed Image Text:DEBIT to Sales Returns of $5 million
O CREDIT to Sales Revenue of $5 million
O CREDIT to Sales Discount of $100,000
QUESTION 3
unts Receivable of $4.9 million
QUESTION 4
entry to make at the time that Walmart returns the trucks?
You sell a 15 ft x 20 ft reproduction of Starry Night to a customer on account. The normal selling price is $3,000 but you offer them a trade discount of
$300 because you need to free up the storage space for incoming inventory. The customer pays the balance of their bill after three months.
Which of the following is part of the correct journal entry that you should record at the time that the customer pays for the painting?
O DEBIT to Sales Discount of $300
O CREDIT to Sales Revenue of $2,700
DEBIT to Cash of $2,700
O CREDIT to Accounts Receivable of $3,000
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O Search
LD
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they discover that the model you sold them is not
in 15 days, with the invoice due
DELL
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Microsoft Store
DALL
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