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
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “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 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
5 With a contract, consideration is something of value offered by one party in exchange for something of value from the second party.
Answers (1)
Databases, through on the internet, search only
Answers (2)
The adjusted trial balance for PI Detectives reported the following account balances: Accounts Receivable $540; Supplies $9,400; Prepaid Insurance $7,600; Equipment $30,000; Accumulated Depreciation $4,400; Accounts Payable $240;
Answers (1)
What is necessary for someone to even get the oppurtunity to accumulate 10,000 hours of practice at something?
Answers (1)
The media frequently reports on students with over $100,000 in student debt as symptomatic of a "student loan crisis." Using the data above, make an alternative argument as to who is really feeling the stress of their student loans.
Answers (1)
New Questions in Business
In the United States, only five states currently charge sales tax on purchases.
Answers (1)
A fourminusfirm concentration ratio measures a. the fraction of an industry's sales accounted for by the four largest firms. b. the fraction of employment of the four largest firms in an industry. c. how the four largest firms became so concentrated.
Answers (1)
What agency is in charge of ellis island today?
Answers (2)
Which financial statement shows a company's profits or losses over a period of time?
Answers (1)
Why do companies using a horizontal structure have cultures that emphasize openness, employee empowerment, and responsibility? What do you think a manager's job would be like in a horizontally organized company?
Answers (1)