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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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