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On October 1, 2022, Best Medical Clinic provided services on account to a customer for $7,000 with discount terms (credit terms) 2/10, n/30. I What journal entry should the clinic make to record the credit sale on October 1, 2022?

On October 1, 2022, Best Medical Clinic provided services on account to a customer for $7,000 with discount terms (credit terms) 2/10, n/30. I What journal entry should the clinic make to record the credit sale on October 1, 2022?

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 October 1, 2022, Best Medical Clinic provided services on account to a customer for $7,000 with discount terms (credit terms) 2/10, n/30. I What journal entry should the clinic make to record the credit sale on October 1, 2022? Multiple Choice Account Accounts Receivable Service Revenue Account Accounts Receivable Cash Discounts Service Revenue Account Accounts Receivable Cash Discounts Service Revenue Account Accounts Receivable Service Revenue Debit Debit Debit Debit 6,860 7,140 7,000 7,000 Credit 6,860 Credit Credit 140 7,000 140 6,860 Credit 7,000
Transcribed Image Text:On October 1, 2022, Best Medical Clinic provided services on account to a customer for $7,000 with discount terms (credit terms) 2/10, n/30. I What journal entry should the clinic make to record the credit sale on October 1, 2022? Multiple Choice Account Accounts Receivable Service Revenue Account Accounts Receivable Cash Discounts Service Revenue Account Accounts Receivable Cash Discounts Service Revenue Account Accounts Receivable Service Revenue Debit Debit Debit Debit 6,860 7,140 7,000 7,000 Credit 6,860 Credit Credit 140 7,000 140 6,860 Credit 7,000
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