Reference no: EM132745803
Problem 1: MC Company sells merchandise on account for $8,000 to LN Company with credit terms of 2/10, n/30. LN Company returns $1,200 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does MC Company make upon receipt of the check?
Option 1: Cash 6,664
Sales Returns and Allowances 1,200
Sales Discounts 136
Accounts Receivable 8,000
Option 2: Cash 6,800
Accounts Receivable 6,800
Option 3: Cash 6,664
Sales Returns and Allowances 1,336
Accounts Receivable 8,000
Option 4: Cash 7,840
Sales Discounts 160
Sales Returns and Allowances 1,200
Accounts Receivable 6,800
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