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Monica's Closet received payment in full within the discount period for goods sold on a $600 sales ...

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7 years ago

Monica's Closet received payment in full within the discount period for goods sold on a $600 sales ...

Monica's Closet received payment in full within the discount period for goods sold on a $600 sales invoice, terms 2/10, n/30. Which entry records this payment?
A) Debit Cash $588, debit Sales Discount $12; credit Sales $600
B) Debit Accounts Receivable $600; credit Sales $600
C) Debit Cash $600; credit Accounts Receivable $600
D) Debit Cash $588, debit Sales Discount $12; credit Accounts Receivable $600

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College Accounting: A Practical Approach

Edition: 13^th

Author: Slater

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Fast2F Author

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7 years ago

Good timing, thanks!

patyfeitosa

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Thanks for your help!!

njn;l

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You make an excellent tutor!

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