Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on september 1, sonny sold 10 disco balls to cher

On September 1, Sonny sold 10 disco balls to Cher for $800 on account. The...

60.1K

Verified Solution

Question

Accounting

image

On September 1, Sonny sold 10 disco balls to Cher for $800 on account. The terms of the contract are 2/10, n/30. Sonny uses the gross method to account for sales discounts. Cher paid the bill on September 5. Sonny's journal entry on September 5 would include which of the following? O Debit: Sales returns for $16 Credit: Sales discounts forfeited for $16 Credit: Accounts receivable for $784 Debit: Sales discounts for $16

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1189) The following values of y (cm) were measured for some unknown function. ...

Basic Math
Q

Traumatic events can sometimes become over-expressed memories; when these highly detailed memories are recalled, they are...

Medical Sciences
Q

At what temperatures values are the following scales the same? (a) The Fahrenheit and the Celsius   ...

Physics
Q

Biology 35 P53 A is a kinase B is a cyclin C is phosphatase D...

Biology
Q

Which radian measure is equivalent to 145 O O O 15 32 29 36 36...

Geometry
Q

8 Stephen sets up an IRA with an APR of 4 at age 26 At...

Basic Math
Q

Out of 9 700 college students surveyed 776 responded that they do not eat breakfast...

Basic Math
Q

Use substitution to evaluate the definite integral given below Enter an exact answer Provide your...

Calculus
Q

Materials and Labor Variances Analyser Zippy Inc. manufacturos a fuel additive, Surge, which has a...

Accounting
Q

Which of the following is correct for a Compilation engagement? A. An engagement letter is...

Accounting
Q

- 7-6 Adjust the tax basis in a partnership interest - 7-7 Apply the basis...

Accounting
Q

QS 3-5 (Algo) Prepaid (deferred) expenses adjustments LO P1 For each separate case below, follow...

Accounting