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Accounting
On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice   Account Name Debit Credit Cash 4,000   Accounts Receivable   4,000   Account Name Debit Credit Accounts Receivable 3,960   Sales Discounts 40   Cash   4,000   Account Name Debit Credit Cash 4,000   Sales Discounts   40 Accounts Receivable   3,960   Account Name Debit Credit Cash 3,960   Sales Discounts 40   Accounts Receivable   4,000

On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice   Account Name Debit Credit Cash 4,000   Accounts Receivable   4,000   Account Name Debit Credit Accounts Receivable 3,960   Sales Discounts 40   Cash   4,000   Account Name Debit Credit Cash 4,000   Sales Discounts   40 Accounts Receivable   3,960   Account Name Debit Credit Cash 3,960   Sales Discounts 40   Accounts Receivable   4,000

FINANCIAL ACCOUNTING
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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On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the correct entry to record the receipt of the customer's payment:

Multiple Choice
  •  
    Account Name Debit Credit
    Cash 4,000  
    Accounts Receivable   4,000
  •  
    Account Name Debit Credit
    Accounts Receivable 3,960  
    Sales Discounts 40  
    Cash   4,000
  •  
    Account Name Debit Credit
    Cash 4,000  
    Sales Discounts   40
    Accounts Receivable   3,960
  •  
    Account Name Debit Credit
    Cash 3,960  
    Sales Discounts 40  
    Accounts Receivable   4,000
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