Merchandise with a sales price of $11,700 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O Credit to Sales for $11,466 O Debit to Customer Refunds Payable for $234 O Debit to Accounts Receivable for $11,700 O Debit to Cash for $11,700

Merchandise with a sales price of $11,700 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a O Credit to Sales for $11,466 O Debit to Customer Refunds Payable for $234 O Debit to Accounts Receivable for $11,700 O Debit to Cash for $11,700

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 $11,700 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a
O Credit to Sales for $11466
O Debit to Customer Refunds Payable for $234
O Debit to Accounts Recevable for $11,700
O Debit to Cash for $11,700
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