On November 10 of the current year, Cherokee Industries sold materials to a customer for $8,000 with credit terms 2/10 /30. Cherokee uses the net method of accounting for sales discounts.. What entry would Cherokee make on December 10, assuming the correct payment was received on that date? Multiple Choice Cash Accounts receivable Discounts revenue Cash Account Title Cash Accounts receivable Sales discounts forfeited Account Title Cash Account Title Accounts receivable. Sales discounts forfeited Account Title Accounts receivable. Debit 8,000 Debit 8,000 Debit 8,160 Debit 8,000 Credit 7,840 160 Credit 7,840 160 Credit 8,000 160 Credit 8,000

On November 10 of the current year, Cherokee Industries sold materials to a customer for $8,000 with credit terms 2/10 /30. Cherokee uses the net method of accounting for sales discounts.. What entry would Cherokee make on December 10, assuming the correct payment was received on that date? Multiple Choice Cash Accounts receivable Discounts revenue Cash Account Title Cash Accounts receivable Sales discounts forfeited Account Title Cash Account Title Accounts receivable. Sales discounts forfeited Account Title Accounts receivable. Debit 8,000 Debit 8,000 Debit 8,160 Debit 8,000 Credit 7,840 160 Credit 7,840 160 Credit 8,000 160 Credit 8,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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