Sheffield Corp. sells merchandise on account for $2700 to Morton Company with credit terms of 2/10, n/30. Morton Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Sheffield Corp. make upon receipt of the check?
a. Cash 2100 Accounts Receivable 2100
b. Cash 2058 Sales Returns and Allowances 642 Accounts Receivable 2700
c. Cash 2058 Sales Returns and Allowances 600 Sales Discounts 42 Accounts Receivable 2700
d. Cash 2646 Sales Discounts 54 Sales Returns and Allowances 600 Accounts Receivable 2100
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Sheffield Corp. sells merchandise on account for $2700 to Morton Company with credit terms of 2/10, n/30. Morton Company returns $600 of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Diggity Dank Corporation uses an activity-based costing system with two activity cost pools. Diggity Dank uses direct labor hours as the measure of activity in the first activity cost pool and the number of orders in the second activity cost pool.
Answers (1)
Samantha has been working for a law firm and earning an annual salary of $90,000. she decides to open her own practice.
Answers (1)
What questions might you ask yourself when developing your personal brand? Check all that apply. What am I not good at? What makes me desirable in today's job market? What would my instructors say is my greatest strength?
Answers (1)
Thomlin Company forecasts that total overhead for the current year will be $7,584,000 with 158,000 total machine hours. Year to date, the actual overhead is $3,818,000, and the actual machine hours are 83,000 hours.
Answers (2)
Select the item that can be answered by using knowledge. 1. A transaction's order date, amount sold, and quantity ordered 2. Taking into account external reasons for the recent underperformance of a good salesperson 3.
Answers (1)
New Questions in Business
If a company is concerned about lending money to a risky customer, which one of the following would it not want to do? Require the customer to pay cash in advance. Provide the customer a lengthy payment period to increase the chance of paying.
Answers (1)
In his work with companies, henry gantt found that workers achieved their best performance levels if they were trained first. true false
Answers (1)
Crane Machine Works produces soft serve ice cream freezers. The freezers sell for $17,000, and variable costs total $12,100 per unit. Crane incurs $25,860,000 in fixed costs during the year. The company's tax rate is 28%.
Answers (1)
A corporation must have a registered agent within the state of incorporation only if the corporation maintains an office in that state. True or False
Answers (1)
Tax incidence is A. the potential division of the burden of a tax between buyers and sellers in a market. B. the actual division of the burden of a tax between buyers and government in a market. C.
Answers (1)