Reference no: EM132968634
Netherland Corporation has the following unadjusted balances:
Accounts Receivable, $86,000 (debit), and Allowance for Sales Discounts $360 (credit).
Of the receivables, $56,000 of them are within the 3% discount period, and Netherland expects buyers to take $1,680 in future-period discounts ($56,000 × 3%) arising from this period's sales.
Problem 1: The adjusting entry or entries to estimate sales discounts is (are):
Multiple Choice
Option 1: Sales Discounts1,320 Allowance for Sales Discounts 1,320
Option 2: Sales Discounts56,000 Sales 56,000Cost of Goods Sold1,680 Inventory Returns Estimated 1,680
Option 3: Sales Discounts1,680 Accounts receivable 1,680
Option 4: -Accounts Receivable86,000 Sales 86,000
Option 5: Sales Discounts1,680 Allowance for Sales Discounts 1,680
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