Question

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 accountin g for cash discounts What is the correct entry for Flores on November 17, assuming the correct payment was received on that date? A) cash 7,840 Accounts receivable 7,840 B) cash 7,840 Sales discounts 8,00 Accounts receivablhe C) 7,84 cash Sales Accouts receivable D) 8,000 Cash Sales discounts l6 8,00 Accounts receivable 160 Sales

Answer 1

Following are the solution to this question:

Step-by-step explanation:

In all the given choices some of the data is missing so, its correct entry can be defined as follows

Cash account $7,840

Sales discount $160

To Accounts receivable $8,000