Michelin Jewelers Completed the Following Transactions

question 49

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 10, Michelin received payment from the customer. Which of the following entries correctly records the cash receipt on Michelin's books?

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Definitions:

Own Stability

The state of being self-reliant and not easily shaken or disturbed by external factors.

Process

A series of actions or steps taken to achieve a particular end, often referring to workflow or procedures in business and technology.

Communicate

The act of conveying information, ideas, or feelings from one entity to another through various methods, such as speech, writing, or gestures.

Communicative Performances

Actions and behaviors through which individuals express ideas and emotions, often analyzed in the study of communication to understand social interactions.