Question

Use the following to answer questions On November 10 of the current year, Cherokee Industries sold materials to a customer for $8,0 with credit terms 2/10, n30. uses the net method of accounting for cash discounts. 18. What entry would Cherokee make on November 10? a. Accounts receivable Sales 7,840 b. Accounts receivable 7,840 8,000 Sales c. Accounts receivable 8,000 7,840 Cash discounts 160 Sales d. Accounts receivable 8,000 8,000 Cash discounts Sales 160 7,840 19. What entry make on November 17, assuming the correct payment was received on that date? a. Cash 7,840 Accounts receivable b. Cash 7,840 Sales discounts 7,840 Accounts receivable 160 Cash 8,000 7,840 Sales Accounts receivable 160 d. Cash 8,000 Sales discounts 8,000 Accounts receivable Sales 160 8,000 20. Memorex Disks sells computer dink drill materia 160

 



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