On November 10 of the Current Year, Cherokee Industries Sold $\begin{array}{|c|r|r|}\hline \text { Accounts receivable } & 7,840 & \\\hline \text { Sales } & & 7,840 \\\hline\end{array}$

question 155

Multiple Choice

On November 10 of the current year, Cherokee Industries sold materials to a customer for $8,000 with credit terms 2/10, n/30. Cherokee uses the net method of accounting for cash discounts. What entry would Cherokee make on November 10?

• A) \(\begin{array}{|c|r|r|}
• \hline \text { Accounts receivable } & 7,840 & \\
• \hline \text { Sales } & & 7,840 \\
• \hline
• \end{array}\)
• B) \(\begin{array}{|c|r|r|}
• \hline \text { Accounts receivable } & 8,000 & \\
• \hline \text { Sales } & & 8,000 \\
• \hline
• \end{array}\)
• C) \(\begin{array}{|l|r|r|}
• \hline \text { Accounts receivable } & 7,840 & \\
• \hline \text { Cash discounts } & 160 & \\
• \hline \text { Sales } & & 8,000 \\
• \hline
• \end{array}\)
• D) \(\begin{array}{|c|r|r|}
• \hline \text { Accounts receivable } & 8,000 & \\
• \hline \text { Cash discounts } & & 160 \\
• \hline \text { Sales } & & 7,840 \\
• \hline
• \end{array}\)

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