On September 12, Ryan Company sold merchandise in the amount of $6800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4500. 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 $600 and the cost of the merchandise returned is $400. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Ryan makes on September 18 is:
A.
| Cash | 6800? | |
| Accounts receivable | 6800? |
B.
| Cash | 6076? | |
| Sales discounts | 124? | |
| Accounts receivable | 6200? |
C.
| Cash | 6076? | |
| Accounts receivable | 6076? |
D.
| Cash | 6664? | |
| Sales discounts | 136? | |
| Accounts receivable | 6800? |
E.
| Cash | 6664? | |
| Accounts receivable | 6664? |
Answer: C
You might also like to view...
A(n) ________ question most likely helps the salesperson discover facts about the buyer's existing situation and is often the first step in the partnership-building process
A) confirmation B) closed C) open D) general survey E) probing
What is the primary value of a plan?
a. It records the answers to questions. b. It helps one take the first steps toward building a new venture. c. It helps crystalize one’s thoughts. d. all of these
You are the head of marketing for a major oil company based in the United States. Recently, your company was involved in a major oil spill off the coast of Texas where millions of barrels of crude oil were accidentally released into the Gulf of Mexico. The negative publicity for your company has been fast and furious since the spill occurred. However, your company took a very proactive approach in managing the disaster and the resulting publicity. Now your CEO wants to assess how effective the company has been in repairing its image.Which of the following would you recommend to the CEO?
A. A communications audit B. A customer survey C. A public relations audit D. A press conference E. A social audit
Answer the following statement(s) true (T) or false (F)
In linear regression, the outcome variable is called the criterion or dependent variable.