Fashion Jewelers uses the perpetual inventory system. On April 2, Fashion sold goods with a cost of $5,000 for $10,000 with terms of 4/15, n/30. On April 4, the customer reported damaged goods and Fashion granted a $2,000 sales allowance
On April 10, Fashion received the payment for the sale. Give the journal entry that will be recorded on April 10 by Fashion.
A)
Cash 7,680
Sales Discount 320
Accounts Receivable 8,000
B)
Cash 8,000
Accounts Receivable 8,000
C)
Accounts Receivable 8,000
Sales 8,000
D)
Cash 8,000
Sales Discount 320
Accounts Receivable 7,680
A
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