Merchandise was sold on credit for $30,000, terms 3/15, n/30. Which of the following journal entry descriptions correctly describes the cash collection? Multiple Choice Cash is debited for $25,500 and accounts receivable is credited for $25,500 if the collection is within the discount period. О Cash is debited for $29,100, sales discounts is debited for $900, and accounts receivable is credited for $30,000 if the collection is within the discount period. Cash is debited for $30,000, accounts receivable is credited for $29,100, and sales discounts is credited for $900 if the collection is within the discount period. Cash is debited for $29,100 and accounts receivable is credited for $29,100 if the collection is after the discount period.

Merchandise was sold on credit for $30,000, terms 3/15, n/30. Which of the following journal entry descriptions correctly describes the cash collection? Multiple Choice Cash is debited for $25,500 and accounts receivable is credited for $25,500 if the collection is within the discount period. О Cash is debited for $29,100, sales discounts is debited for $900, and accounts receivable is credited for $30,000 if the collection is within the discount period. Cash is debited for $30,000, accounts receivable is credited for $29,100, and sales discounts is credited for $900 if the collection is within the discount period. Cash is debited for $29,100 and accounts receivable is credited for $29,100 if the collection is after the discount period.

Name: 3 nMerchandise was sold on credit for $30,000, terms15'30Which of the
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Description: 3 nMerchandise was sold on credit for $30,000, terms15'30Which of the following journal entry descriptions correctly describes the cash collection? Multiple Choice Cash is debited for $25,500 and accounts receivable is credited for $25,500 ifthe col

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hi, How do I calculate this using the direct method? Thanks