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28 October, 15:18

Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. Terms of the sale were 2/10, n/30. Which entry is required to record this payment?

A. Debit Cash $954; credit Sales $954

B. Debit Cash $936; credit Sales $936

C. Debit Cash $936; debit Sales Discount $18; credit Accounts Receivable $954

D. Debit Cash $900; credit Accounts Receivable Sales $900

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Answers (2)
  1. 28 October, 17:30
    0
    The answer to your question is letter C. Debit Cash $936; debit Sales Discounts $18; credit Accounts Receivable $954.
  2. 28 October, 17:53
    0
    The answer is correct for which entry is required to record the payment for Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. Terms of the sale were 2/10, n/30 is C. Debit Cash $936; debit Sales Discount $18; credit Accounts Receivable $954.
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