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On November 10 of the current year, Flores Mills sold carpet to a customer for...

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Accounting

On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. The customer pays the balance in full on November 15.

Required: What is the net impact to total revenue on November 15?

Group of answer choices

Decrease (debit) of 160

Increase (credit) of 7,840

Decrease (debit) of 8,000

Decrease (debit) of 7,840

Increase (credit) of 8,000

Increase (credit) of 160

Answer & Explanation Solved by verified expert
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