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Question 1: Manning Corporation uses the perpetual inventory system. On April 1, Manning Corporation sells merchandise on account for $15,000 with terms 1/15, n/30. Manning Corporation had paid $9,000 to acquire the merchandise. On April 7, Manning's customer returns merchandise with an invoice price of $1,000. The merchandise returned to Manning Corporation had cost Manning Corporation $600. On April 30, Manning Corporation receives payment for the merchandise retained its customer. The journal entry that Manning Corporation records when it receives the payment from its customer on April 30 includes a
Group of answer choices
Option 1: debit to cash for $14,000.
Option 2: debit to cash for $13,860.
Option 3: credit to cash for $14,000.
Option 4: credit to cash for $140.
Option 5: credit to cash for $13,860.
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