Merchandise with a sales price of $800 is sold on account with term 2/10. n/30.

Question

Merchandise with a sales price of $800 is sold on account with term 2/10. n/30. The journal entry to record the sale would include a debit to Cash for $800 Debit to Sales Discounts for $16 Credit to Sales for $800 Debit to Accounts Receivable for $784 The entry to record the return of merchandise from a customer would include a debit to Sales credit to Sales debit to Customer Refunds Payable credit to Customer Refunds Payable Acme Company has an agreement with a major credit card company that calls for cash to be received immediately upon deposit of Acme customers' credit card sales receipts. If Acme has $2,000 credit card sales, which of the following statements arc true? Acme debits Cash $2,000. Acme debits Cash $1,930. Acme debits Accounts Receivable - Credit Card Co $2,000. Acme debits Accounts Receivable - Credit Card Co $1,930. Acme credits Sales $1,930. When purchases of merchandise are made for cash, the transaction may be recorded with the following entry debit Cash; credit Merchandise Inventory debit Merchandise Inventory; credit Cash debit Merchandise Inventory; credit Cash Discounts debit Merchandise Inventory; credit Purchases Who pays the freight cost when the terms are FOB destination? the seller the buyer the customer either the buyer or the seller Under a perpetual inventory system accounting records continuously disclose the amount of inventory increases in inventory resulting from purchases are debited to Purchases there is no need for a year-end physical count the purchase returns and allowances account is credited when goods are returned to vendors

Explanation / Answer

36 answer is

c credit sales for $800

37 answer is

debit to customer refunds payable

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