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On September 12, Ryan Company sold merchandise in the amount of $7,000 to Johnson Company, with credit terms of 3/10,n/30

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On September 12, Ryan Company sold merchandise in the amount of $7,000 to Johnson Company, with credit terms of 3/10,n/30. The cost of the items sold is $4,600. Ryan uses the periodic inventory system and the net method of accounting for sales. Johnson pays the invoice on September 18, and takes the appropriate discount The journal entry that Ryan makes on September 18 is: Multiple Choice 7,000 Cash Accounts receivable 7,000 4,600 Cash Accounts receivable 4,600
Cash Sales discounts Accounts receivable 4,462 138 4,600 6,790 Cash Accounts receivable 6,790 6,790 Cash Sales discounts Accounts receivable 210 7,000