On April 2, Kelvin sold $40,000 of inventory items on credit with the terms 1/10, net 30. Payment on $24,000 sales was received on April 8 and the remaining payment on $16,000 sales was received on April 27. Assuming Kelvin uses the net method of accounting for sales discounts, the entry recorded on April 27 would include a: A. debit to Accounts Receivable and credit to Sales Revenue for $40,000. B. debit to Cash and credit to Accounts Receivable for $15,840. C. debit to Cash and credit to Sales Discounts Forfeited for $400. D. debit to Accounts Receivable and credit to Sales Discounts Forfeited for $160.
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On April 2, Kelvin sold $40,000 of inventory items on credit with the terms 1/10, net 30. Payment on...
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