Reference no: EM132918680
Problem 1: On September 12, Ryan Company sold merchandise in the amount of $8,600 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,400. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the merchandise. The selling price of the merchandise is $780 and the cost of the merchandise returned is $490. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Ryan makes on September 18 is:
Multiple Choice
Option 1: Cash8,600 Accounts receivable 8,600
Option 2: Cash7,664 Accounts receivable 7,664
Option 3: Cash7,664 Sales discounts156 Accounts receivable 7,820
Option 4: Cash8,428 Accounts receivable 8,428
Option 5: Cash8,428 Sales discounts172 Accounts receivable 8,600
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