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30 November, 05:06

Monica's Closet received payment in full for goods sold within the discount period on a $500 sales invoice, terms 2/10, n/30. Which entry records this payment?

A. Debit Accounts Receivable; credit Sales $500

B. Debit Cash; credit Accounts Receivable $500

C. Debit Cash $490, debit Sales Discount $10; credit Sales $500

D. Debit Cash $490, debit Sales Discount $10; credit Accounts Receivable $50

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Answers (1)
  1. 30 November, 08:14
    0
    The answer to your question is letter D. Debit Cash $490, debits Sales Discount $10; Credit Accounts Receivable $500.
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