Page 3 of 7 Dollar Co. sold mercha invoice within the hehandise to Pound Co. on

Question

Page 3 of 7 Dollar Co. sold mercha invoice within the hehandise to Pound Co. on account, $25,500, terms 2/ns, net 45. Pound Co. paid the count period, What is the amount of sales from the above transactions? a. $26,010 b. $25,500 C. $16,000 d$24,990 16. MC.06-085 Using a perpetual account includes a I inventory system, the entry to record the sale of merchandise on a. debit to Sales b. debit to Merchandise Inventory C. credit to Merchandise Inventory d. credit to Accounts Receivable Ir merchandise sold on account is returned to the seller, the seller may inform the customer of the details by issuing a 17. MC.06-089 a. credit memo b. debit memo c. sales invoice d.purchase invoice

Explanation / Answer

Solution:-

15. d. $24,990

Explanation:-

$ 25,500 - 2% of $ 25,500 = $ 24,990.

16. c. credit to Merchandise Inventory

17. a. Credt memo.

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