On December 1, Macy Company sold merchandise with a selling price of $9,000 on account to Mrs. Jorgensen, with terms 4/10, n/30. On December 3, Mrs. Jorgensen returned merchandise with a selling price of $700. Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used?A) Debit Cash for $7,968 and credit Accounts Receivable for $7,968.B) Debit Sales Revenue for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300.C) Debit Sales Revenue for $8,300, credit Sales Discount for $332 and credit Cash for $7,968.D) Debit Cash for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300.

Question

18-11-2019
Business

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On December 1, Macy Company sold merchandise with a selling price of $9,000 on account to Mrs. Jorgensen, with terms 4/10, n/30. On December 3, Mrs. Jorgensen returned merchandise with a selling price of $700. Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used?A) Debit Cash for $7,968 and credit Accounts Receivable for $7,968.B) Debit Sales Revenue for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300.C) Debit Sales Revenue for $8,300, credit Sales Discount for $332 and credit Cash for $7,968.D) Debit Cash for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300.

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cancinodavidq cancinodavidq · Answer 1 · 2019-11-20T21:42:45+01:00

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20-11-2019

Answer

D) Debit Cash for $7,968, debit Sales Discounts for $332, and credit Accounts Receivable for $8,300.

The answer and procedures of the exercise are attached in a microsoft excel document.

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Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.

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