Multiple Choice
Gappule Corp. made a $30,000 sale on account with terms of 2/15, n/30. If the company uses the net method, which of the following will be included in the journal entry to record customer payment within the discount period?
A) credit Accounts Receivable $30,000
B) debit Sales Discounts Forfeited $600
C) credit Sales Revenue $29,400
D) debit Cash $29,400
Correct Answer:
Verified
Correct Answer:
Verified
Q25: During the year, Liptom Company made an
Q26: Danzig Inc. factors $10,000,000 of its accounts
Q27: Cash equivalents may include Treasury bills and
Q28: The length of time it takes a
Q29: Factored receivables sold without recourse are classified
Q31: The balance-sheet value of the asset Accounts
Q32: In which of the following situations are
Q33: Which of the following would not be
Q34: What type of account is Allowance for
Q35: What is a non-interest-bearing note? How does