What the journal entry to record the sale would include a

Assignment Help Financial Accounting
Reference no: EM132672049

Problem 1: Merchandise with a cost of $6,000 is sold for $9,500 on account with term 2/10, n/30. The journal entry to record the sale would include a

Group of answer choices

Option 1: debit to Sales Discounts for $6,000

Option 2: Credit Sales Revenue for $9,500

Option 3: debit to Cash for $9,500

Option 4: Debit to Accounts Receivable for $9,310

Reference no: EM132672049

Questions Cloud

How the company would report the bonds on balance sheet : Francon Construction Inc, Show in good format, how the company would report the bonds on their balance sheet on December 31, 2015.
Difference between unitary state and federal state : Briefly explain the difference between a unitary state and a federal state. Explain the principles of constitutional design.
Which type of treatment group would be most beneficial : When a client is dealing with several problems at one time, it can be difficult to determine which type of treatment group would be most beneficial.
What is the amount and character of Sissie gain or loss : Sissie owns two items of business equipment. Both were purchased in 2015 for $100,000, What is the amount and character of Sissie gain or loss
What the journal entry to record the sale would include a : Merchandise with a cost of $6,000 is sold for $9,500 on account with term 2/10, n/30. The journal entry to record the sale would include a
Identify the relevant cash flows : Investment Appraisal - Identify the relevant cash flows and cost of capital for investment appraisal and Calculate the payback and the accounting rate of return
What is the amount and character of Jacob gain or loss : Jacob purchased business equipment for $56,000 in 2016 and has taken $35,000 of regular MACRS depreciation. What is the amount and character of Jacob gain
Describe the studies that have been conducted in given area : In a two to three page paper, describe the studies (at least two) that have been conducted in this area. Also include the behavior analytic view of this area.
What amount should be reported as cash for pala medical co : The cash account for Pala Medical Co. at June 30,If a balance sheet were prepared for Pala Medical Co. on June 30, 20Y1, what amount should be reported as cash?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd