On September 12, Ryan Company sold merchandise in the amount of $9400 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5800. Ryan uses the periodic inventory system and the net method of accounting for sales. The journal entry or entries that Ryan will make on September 12 is (are):
A.
| Accounts receivable | 9400? | |
| Sales | 9400? | |
| Cost of Goods Sold | 5800? | |
| Merchandise inventory | 5800? |
B.
| Accounts receivable | 9212? | |
| Sales | 9212? |
C.
| Sales | 9400? | |
| Accounts receivable | 9400? |
D.
| Accounts receivable | 9400? | |
| Sales | 9400? |
E.
| Accounts receivable | 9212? | |
| Sales | 9212? | |
| Cost of goods sold | 5800? | |
| Merchandise Inventory | 5800? |
Answer: B
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