Merchandise with a sales price of $3,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a: a.debit to Accounts Receivable for $3,000 b.debit to Cash for $3,000 c.debit to Customer Refunds Payable for $60 d.credit to Sales for $2,940

Merchandise with a sales price of $3,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a: a.debit to Accounts Receivable for $3,000 b.debit to Cash for $3,000 c.debit to Customer Refunds Payable for $60 d.credit to Sales for $2,940

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Question

Merchandise with a sales price of $3,000 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a:

a.debit to Accounts Receivable for $3,000

b.debit to Cash for $3,000

c.debit to Customer Refunds Payable for $60

d.credit to Sales for $2,940

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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