On April 2, Kelvin sold $35500 of inventory items on credit with the terms 1/10, net 30. Payment on $21300 sales was received on April 8 and the remaining payment on $14200 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: debit to Cash and credit to Accounts Receivable for $14058.
b. debit to Cash and credit to Sales Discounts Forfeited for $355.
c. debit to Accounts Receivable and credit to Sales Revenue for $35500.
d. debit to Cash for $14200 and credit to Sales Discounts Forfeited for $142.
Answers: 1
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On April 2, Kelvin sold $35500 of inventory items on credit with the terms 1/10, net 30. Payment on...
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