Question 8 (3 points) On October 1, Robinson Company sold merchandise in the amo

Question

Question 8 (3 points) On October 1, Robinson Company sold merchandise in the amount of $5,800 to Rosser, with credit terms of 2/10, n/30. The cost of the items sold is $4,000 Robinson uses the perpetual inventory system. The journal entry or entries that Robinson will make on October 1 is 0 1112 3 14 15 6 17 18 1) Choice A 2) Choice B 3) Choice C 4) Choice D 20 21 2 23 24 26 27 Question 9 13 points 29 30 On October 1 Whaley Company sold merchandise in the amount of $5,800 to Lee Company, with credit terms of 2/10 n/30. The cost of the items sold is $4,000 Whaley uses the perpetual Invenitory systers Ltee pays the invoice on October , and takes the appropriate discount. The journal entry that Wholey makes on October à 32 gend Saved Response Respone to them

Explanation / Answer

Q 8) OPTION C

Journal entry is

Accounts receivable 5800

To Sales 5800

(Being inventory sold on credit)

Q 9) OPTION C

Cash 5684

Sales Discount 116

To Accounts receivable 5800

(Being payment received after 2 percent discount as the payment was received before 30 days)

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