The collection of a $36,000 account within the 2 percent discount period will result in a: debit to Sales Discounts for $720. credit to Inventory for $720 debit to Accounts Receivable for $35,280. credit to Cash for $35,280.
The collection of a $36,000 account within the 2 percent discount period will result in a: debit to Sales Discounts for $720. credit to Inventory for $720 debit to Accounts Receivable for $35,280. credit to Cash for $35,280.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 2QY: What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the...
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The collection of a $36,000 account within the 2 percent discount period will result in a:
debit to Sales Discounts for $720. | |
credit to Inventory for $720 | |
debit to |
|
credit to Cash for $35,280. |
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