On September 12, Vander Company sold merchandise in the amount of $3950.00 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $2725.00. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $340 and the cost of the merchandise returned is $240. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is:
A.
| Cash | 3877.80? | |
| Accounts receivable | 3877.80? |
B.
| Cash | 3877.80? | |
| Sales discounts | 72.20? | |
| Accounts receivable | 3950.00? |
C.
| Cash | 3950.00? | |
| Accounts receivable | 3950.00? |
D.
| Cash | 3537.80? | |
| Sales discounts | 72.20? | |
| Accounts receivable | 3610.00? |
E.
| Cash | 2725.00? | |
| Accounts receivable | 2725.00? |
Answer: D
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