COLLEGE ACCOUNTING

13th Edition

ISBN: 9780357531846

Author: Scott

Publisher: CENGAGE L

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Textbook Question

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Chapter 10, Problem 2QY

What is the entry to record the cash received on a sale of $500, credit terms 1/15, n/30, if the payment is received within the discount period?

a. Accounts Receivable 500 DR; Cash 500 CR
b. Cash 500 DR; Accounts Receivable 500 CR
c. Cash 495 DR, Sales Discount 5 DR; Accounts Receivable 500 CR
d. Accounts Receivable 500 DR; Cash 495 CR, Sales Discount 5 CR
e. Cash 500 DR; Sales Discount 5 CR, Accounts Receivable 495 CR

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Chapter 10, Problem 1QY

Chapter 10, Problem 3QY

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Solution Summary: The author explains how to identify the correct entry for the cash received on sale.

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