On September 12, Vander Company sold merchandise in the amount of $7600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5800. Vander uses the periodic inventory system and the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is (are):
A.
| Accounts receivable | 7600? | |
| Sales | 7600? |
B.
| Accounts receivable | 7600? | |
| Sales | 7600? | |
| Cost of goods sold | 5800? | |
| Merchandise Inventory | 5800? |
C.
| Accounts receivable | 5800? | |
| Sales | 5800? |
D.
| Sales | 7600? | |
| Accounts receivable | 7600? |
E.
| Sales | 7600? | |
| Accounts receivable | 7600? | |
| Cost of goods sold | 5800? | |
| Merchandise Inventory | 5800? |
Answer: A
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