Business, 14.06.2021 22:30 Miles1111

On April 2, Rolex SA sold $40,000 of inventory items on credit with the terms 1/10, net 30. Payment on $24,000 of sales was received on April 8 and the remaining payment on $16,000 of sales was received on April 27. Assuming Rolex uses the net method of accounting for sales discounts, the entry recorded on April 27 would include a:. a. Debit to cash for $15,840.
b. Debit to revenue for $40,000.
c. Credit to sales discounts forfeited for $160.
d. Debit to accounts receivable for $400.

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On April 2, Rolex SA sold $40,000 of inventory items on credit with the terms 1/10, net 30. Payment...

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