Baker Company Sells Merchandise on Account for $5,000 to Helix

question 69

Multiple Choice

Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, n/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check?

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Definitions:

Compound

A substance formed from two or more elements chemically united in fixed proportions.

Atom

The basic unit of a chemical element, consisting of a nucleus of protons and neutrons, and electrons orbiting the nucleus.

PH

A scale used to specify the acidity or basicity of an aqueous solution, with values ranging from 0 (most acidic) to 14 (most basic).

Benedict's Test

A chemical test used to detect reducing sugars by turning a range of colors when heated with a sample.