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Vaughn Company sells merchandise on account for $5300 to Cullumber Company with credit terms of 1/10, n/30. Cullumber Company returns $700 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Vaughn Company make upon receipt of the check? O O O O Cash Sales Returns and Allowances Accounts Receivable Cash Accounts Receivable Cash Sales Returns and Allowances Sales Discounts Accounts Receivable Cash Sales Discounts Sales Returns and Allowances Accounts Receivable 4554 746 4600 4554 700 46 5247 53 5300 4600 5300 700 4600

Vaughn Company sells merchandise on account for $5300 to Cullumber Company with credit terms of 1/10, n/30. Cullumber Company returns $700 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Vaughn Company make upon receipt of the check? O O O O Cash Sales Returns and Allowances Accounts Receivable Cash Accounts Receivable Cash Sales Returns and Allowances Sales Discounts Accounts Receivable Cash Sales Discounts Sales Returns and Allowances Accounts Receivable 4554 746 4600 4554 700 46 5247 53 5300 4600 5300 700 4600

FINANCIAL ACCOUNTING
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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Vaughn Company sells merchandise on account for $5300 to Cullumber Company with credit terms of 1/10, n/30. Cullumber Company returns $700 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Vaughn Company make upon receipt of the check? O Cash Sales Returns and Allowances Accounts Receivable Cash Accounts Receivable Cash Sales Returns and Allowances Sales Discounts Accounts Receivable Cash Sales Discounts Sales Returns and Allowances Accounts Receivable 4554 746 4600 4554 700 46 5247 53 5300 4600 5300 700 4600
Transcribed Image Text:Vaughn Company sells merchandise on account for $5300 to Cullumber Company with credit terms of 1/10, n/30. Cullumber Company returns $700 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Vaughn Company make upon receipt of the check? O Cash Sales Returns and Allowances Accounts Receivable Cash Accounts Receivable Cash Sales Returns and Allowances Sales Discounts Accounts Receivable Cash Sales Discounts Sales Returns and Allowances Accounts Receivable 4554 746 4600 4554 700 46 5247 53 5300 4600 5300 700 4600
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