Forever Jewelers Uses the Gross Method and a Perpetual Inventory

question 281

Multiple Choice

Forever Jewelers uses the gross method and a perpetual inventory system.On April 2,Forever sold merchandise with a cost of $1,700 for $5,600 to a customer on account with terms of 2/15,n/30.Which of the following would be included in the journal entry to record the cash receipt on April 10?

• A)Credit to Cash for $5,488
• B)Credit to Sales Discounts for $112
• C)Debit to Cash for $5,600
• D)Debit to Sales Discounts for $112

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Definitions:

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Relating to or involving several or many individuals, often used to describe complex relationships or interactions.

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Having multiple forms or shapes; in social or cultural contexts, it may describe varied expressions of identity or behavior.

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An educational approach in which a teacher or more knowledgeable individual provides temporary support to a learner to help them achieve a task.

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