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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
6

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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