Young’s is a distributor of custom umbrellas They shipped 500 units to a high end store on Bay Stree

 
   

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Young’s is a distributor of custom umbrellas They shipped 500 units to a high end store on Bay Street Each umbrella was sold to the storefor $15 Unfortunately, the logo on the umbrellas was not 100% accurate Rather than returning them, the store agreed to keep the umbrellas if Young’s offered them a 30% discount Young’s accepted the conditions Which of the following journal entries would Young’s make when the store settles the account?

Select one:

a Dr Cash $7,500, Cr Accounts Receivable $5,250, Cr Sales Returns & Allowances $2,250

b Cr Accounts Receivable $7,500,DrCash $5,250, DrSales Returns & Allowances $2,250

c Cr Cash $5,250, Cr Sales Returns & Allowances $2,250, DrAccounts Receivable $7,500

d DrCash $5,250, CrAccounts Receivable $5,250