On February 1, 2020, ABC Corporation sells $300,000 of merchandise on account. The payment terms are 3/10, n/30. If the customer pays onFebruary 11, ABC's journal entry on that date will:O a. Debit loss on accounts receivable for $9,000 and credit accounts receivable for $300,000.O b. Debit cash for $300,000 and credit Sales discounts for $9,000.O c. Debit cash for $291,000 and debit selling expense for $9,000.O d. Debit sales discounts for $9,000 and credit accounts receivable for $300,000.A Click Submit to complete this assessment.«< Question 28 of 28Save and Submit10:45 AMType here to search5/5/2021DELLF5F6F7F8F9F10F11F12PrtScrInsertDeleteF1F2F3F410)@#$%&)+Backspace12456789QWERTYP

Solution: Particulars Debit Credit Cash $291,000 Sales Discount ($300000*3%) $9,000…

Answered: pruary 11, ABC's journ- D a. Debit loss…

Business

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pruary 11, ABC's journ- D a. Debit loss on acco O b. Debit cash for $30 O c. Debit cash for $2 O d. Debit sales disca

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

On February 1, 2020, ABC Corporation sells $300,000 of merchandise on account. The payment terms are 3/10, n/30. If the customer pays on
February 11, ABC's journal entry on that date will:
O a. Debit loss on accounts receivable for $9,000 and credit accounts receivable for $300,000.
O b. Debit cash for $300,000 and credit Sales discounts for $9,000.
O c. Debit cash for $291,000 and debit selling expense for $9,000.
O d. Debit sales discounts for $9,000 and credit accounts receivable for $300,000.
A Click Submit to complete this assessment.
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