When using the perpetual inventory, which of the entry or entries correctly record(s) the journal entry on Jan. 17 for the receipt of the cash due on an invoice dated Jan. 10 with terms of 2/10, n/30 and invoice amount of $9,000? The cost of the merchandise that was sold was $6,300. Assume the use of the "net invoice method" for recording invoices and ignore the year part of the date. DESCRIPTION P.REF. DEBIT CREDIT DATE Jan. 17 Sales $8,820 Accounts Receivable $8,820 DESCRIPTION P.REF. DEBIT CREDIT DATE Jan. 17 Cash $9,000 Sales $9,000 DESCRIPTION P.REF. DEBIT CREDIT DATE Jan. 12 Cash $9,000 Accounts Receivable $9,000 3 Gross Profit $2,700 Merchandise Inventory $2,700 DESCRIPTION P.REF. DEBIT CREDIT DATE Jan. 17 Cash $8,820 Accounts Receivable $8,820
When using the perpetual inventory, which of the entry or entries correctly record(s) the journal entry on Jan. 17 for the receipt of the cash due on an invoice dated Jan. 10 with terms of 2/10, n/30 and invoice amount of $9,000? The cost of the merchandise that was sold was $6,300. Assume the use of the "net invoice method" for recording invoices and ignore the year part of the date. DESCRIPTION P.REF. DEBIT CREDIT DATE Jan. 17 Sales $8,820 Accounts Receivable $8,820 DESCRIPTION P.REF. DEBIT CREDIT DATE Jan. 17 Cash $9,000 Sales $9,000 DESCRIPTION P.REF. DEBIT CREDIT DATE Jan. 12 Cash $9,000 Accounts Receivable $9,000 3 Gross Profit $2,700 Merchandise Inventory $2,700 DESCRIPTION P.REF. DEBIT CREDIT DATE Jan. 17 Cash $8,820 Accounts Receivable $8,820
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:When using the perpetual inventory, which of the entry or entries correctly record(s) the journal entry on Jan. 17 for the receipt of the cash due on an invoice dated Jan. 10
with terms of 2/10, n/30 and invoice amount of $9,000? The cost of the merchandise that was sold was $6,300. Assume the use of the "net invoice method" for recording
invoices and ignore the year part of the date.
DESCRIPTION
P.REF.
DEBIT
CREDIT
DATE
Jan. 17
Sales
$8,820
Accounts Receivable
$8,820
DESCRIPTION
P.REF.
DEBIT
CREDIT
DATE
Jan. 17
Cash
$9,000
Sales
$9,000
DESCRIPTION
P.REF.
DEBIT
CREDIT
DATE
Jan. 12
Cash
$9,000
Accounts Receivable
$9,000
3
Gross Profit
$2,700
Merchandise Inventory
$2,700
DESCRIPTION
P.REF.
DEBIT
CREDIT
DATE
Jan. 17
Cash
$8,820
Accounts Receivable
$8,820
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