Examlex

Solved

Carter Company Sells Merchandise on Account for $4,000 to Hannah

question 221

Short Answer

Carter Company sells merchandise on account for $4,000 to Hannah Company with credit terms of 2/10, n/30. Hannah Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Carter Company make upon receipt of the check? Carter Company sells merchandise on account for $4,000 to Hannah Company with credit terms of 2/10, n/30. Hannah Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Carter Company make upon receipt of the check?


Definitions:

Lintel

A horizontal support across the top of a door or window, often used in architecture to bear the weight of the structure above.

Old Palace Period

A phase in Minoan civilization, characterized by the construction of large administrative and ceremonial centers on Crete, dating from circa 1900 to 1700 BCE.

Minoan Art

The art produced by the Minoan civilization, known for its sophisticated and vibrant frescoes, pottery, and sculptures, which flourished on the island of Crete during the Bronze Age.

Volcanic Eruption

A geological event where molten rock, ash, and gases are expelled from a volcano, often with powerful and destructive force.

Related Questions