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On November 1, 2022, Lake Clinic provided services to a customer on account for $3,000 with discount terms (credit terms) 2/10, n/30. Assume the customer pays the clinic the correct amount on November 29, 2022. What journal entry should the clinic make to record the collection of cash on November 29, 2022? Multiple Choice Account Cash Accounts Receivable Account Accounts Receivable Cash Account Cash Accounts Receivable Account Cash Sales Discounts Accounts Receivable Debit Debit Debit Debit 3,000 3,000 2,940 2,940 60 Credit 3,000 Credit 3,000 Credit 2,940 Credit 3,000

On November 1, 2022, Lake Clinic provided services to a customer on account for $3,000 with discount terms (credit terms) 2/10, n/30. Assume the customer pays the clinic the correct amount on November 29, 2022. What journal entry should the clinic make to record the collection of cash on November 29, 2022? Multiple Choice Account Cash Accounts Receivable Account Accounts Receivable Cash Account Cash Accounts Receivable Account Cash Sales Discounts Accounts Receivable Debit Debit Debit Debit 3,000 3,000 2,940 2,940 60 Credit 3,000 Credit 3,000 Credit 2,940 Credit 3,000

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 November 1, 2022, Lake Clinic provided services to a customer on account for $3,000 with discount terms (credit terms) 2/10, n/30. Assume the customer pays the clinic the correct amount on November 29, 2022. What journal entry should the clinic make to record the collection of cash on November 29, 2022? Multiple Choice Account Cash Accounts Receivable Account ccounts Receivable Cash Account Cash Accounts Receivable Account Cash Sales Discounts Accounts Receivable Debit Debit Debit Debit 3,000 3,000 2,940 2,940 60 Credit 3,000 Credit 3,000 Credit 2,940 Credit 3,000
Transcribed Image Text:On November 1, 2022, Lake Clinic provided services to a customer on account for $3,000 with discount terms (credit terms) 2/10, n/30. Assume the customer pays the clinic the correct amount on November 29, 2022. What journal entry should the clinic make to record the collection of cash on November 29, 2022? Multiple Choice Account Cash Accounts Receivable Account ccounts Receivable Cash Account Cash Accounts Receivable Account Cash Sales Discounts Accounts Receivable Debit Debit Debit Debit 3,000 3,000 2,940 2,940 60 Credit 3,000 Credit 3,000 Credit 2,940 Credit 3,000
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