Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a a. credit to Sales for $1,078b. debit to Accounts Receivable for $1,100c. debit to Cash for $1,100d. debit to Customer Refunds Payable for $22

2/10, n/30 indicates that a discount of 2% will be given if payment is received within 10 days and…

Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. credit to Sales for $1,078 Ob. debit to Accounts Receivable for $1,100 Oc. debit to Cash for $1,100 Od. debit to Customer Refunds Payable for $22

Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. credit to Sales for $1,078 Ob. debit to Accounts Receivable for $1,100 Oc. debit to Cash for $1,100 Od. debit to Customer Refunds Payable for $22

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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Question

Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a

a. credit to Sales for $1,078

b. debit to Accounts Receivable for $1,100

c. debit to Cash for $1,100

d. debit to Customer Refunds Payable for $22

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