Multiple Choice
Michelin Jewelers completed the following transactions.Michelin Jewelers uses the perpetual inventory system.On April 2,Michelin sold $9,000 of merchandise to a customer on account with terms of 3/15,n/30.Michelin's cost of the merchandise sold was $5,500.On April 4,the customer reported damaged goods and Michelin granted a $1,000 sales allowance.
-On April 22,Michelin received payment from the customer.How much cash was received from the customer?
A) $8,000
B) $8,730
C) $7,760
D) $2,260
Correct Answer:
Verified
Correct Answer:
Verified
Q131: Oscar's Packaging shipped goods to a
Q132: Which of the following correctly describes the
Q133: Beginning inventory is $42,000 and Ending inventory
Q134: An invoice in the amount of $600.00
Q135: The terms on an invoice are 3/10,n/25.This
Q137: If a physical count of inventory indicates
Q138: Which of the following assets does a
Q139: A company purchased inventory for $2,200
Q140: A purchase return of goods purchased on
Q141: Michelin Jewelers completed the following transactions.Michelin