On May 1, Your Company sold merchandise in the amount of $15,500, with credit terms...
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Accounting
On May 1, Your Company sold merchandise in the amount of $15,500, with credit terms of 3/10,n/30. The cost of the items sold is $9,000. Your Company uses the perpetual inventory system. You received payment on May 8. Which journal entry records the May 8 transaction? Cash Sales discount Accounts Receivable 15,035 456 15,500 15,035 Cash Accounts Receivable 15,035 Cash Revenue Accounts Receivable 15,035 465 15,500 15,500 Cash Accounts Receivable 15,500 O Cash Sales discount Accounts Receivable 8,730 270 9,000
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