Fashion Jewelers Uses the Perpetual Inventory System

question 80

Multiple Choice

Fashion Jewelers uses the perpetual inventory system.On April 2,Fashion sold goods with a cost of $5,500 for $14,000 with terms of 4/15,n/30.On April 4,the customer reported damaged goods and Fashion granted a $2,000 sales allowance.On April 10,Fashion received the payment for the sale.Give the journal entry that will be recorded on April 10 by Fashion.

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Definitions:

Direct Right

This term is not commonly defined in legal or regulatory contexts; without further context, it might not refer to a widely recognized concept. NO.

Express Warranties

Express Warranties are explicit guarantees made by a seller about the quality, condition, or performance of a product, which become part of the sales contract.

Assignment

The transfer of rights or property from one party to another.

Agreement

A mutual understanding or arrangement, typically formalized by a contract, between two or more parties.