College Accounting (Book Only): A Career Approach

13th Edition

ISBN: 9781337280570

Author: Scott, Cathy J.

Publisher: South-Western College Pub

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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

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Chapter 10 Solutions

College Accounting (Book Only): A Career Approach

Ch. 10 - What do credit terms of 2/10, n/30 mean? 210 days...Ch. 10 - What is the entry to record the cash received on a...Ch. 10 - Prob. 3QY Ch. 10 - Which of the following is not an advantage of the...Ch. 10 - Prob. 5QY Ch. 10 - What is the normal balance for each of the...Ch. 10 - What does an X under the total of a special...Ch. 10 - Prob. 3DQ Ch. 10 - In a cash receipts journal, both the Accounts...Ch. 10 - If a cash payments journal is supposed to save...

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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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