Argyle Company Uses a Cash Receipts Journal (Periodic System) as Shown

Multiple Choice

Argyle Company uses a cash receipts journal (periodic system) as shown below: $\begin{array}{|c|c|l|l|l|c|l|c|}\hline \text { Date } & \begin{array}{c}\text { Account } \\\text { Credited }\end{array} & \text { Explanation } & \text { Cash Dr. } & \begin{array}{c}\text { Sales } \\\text { Disc. Dr. }\end{array} & \begin{array}{c}\text { Accounts } \\\text { Receivable } \\\text { Cr. }\end{array} & \text { Sales Cr. } & \begin{array}{c}\text { Other } \\\text { Accounts } \\\text { Cr. }\end{array} \\\hline & & & & & & & \\\hline\end{array}$ How would the following transactions be recorded in this cash receipt journal?
-12/10 Sold merchandise to Sock Company for $9,260 cash (cost is $5,556)
- 12/11 Sold merchandise on credit to Gardner, Inc, invoice no. 873, for $7,000 (cost is $4,200) . Terms are 2/10, n/30.

A) $\begin{array}{|c|c|l|l|l|c|l|c|}\hline \text { Date } & \begin{array}{c}\text { Account } \\\text { Credited }\end{array} & \text { Explanation } & \text { Cash Dr. } & \begin{array}{c}\text { Sales } \\\text { Disc. Dr. }\end{array} & \begin{array}{c}\text { Accounts } \\\text { Receivable } \\\text { Cr. }\end{array} & \text { Sales Cr. } & \begin{array}{c}\text { Other } \\\text { Accounts } \\\text { Cr. }\end{array} \\\hline 12 / 10 & \text { Sales } & \text { Cash Sales } & 9,260 & & & & \\\hline 12 / 11 & \text { Sales } & \text { Credit Sales } & & & 7,000 & &\\\hline\end{array}$
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