The collection of a $36,000 account within the 2 percent discount period will result in a: debit to Sales Discounts for $720. credit to Inventory for $720 debit to Accounts Receivable for $35,280. credit to Cash for $35,280.
The collection of a $36,000 account within the 2 percent discount period will result in a: debit to Sales Discounts for $720. credit to Inventory for $720 debit to Accounts Receivable for $35,280. credit to Cash for $35,280.
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 1MC: A credit sale of 250 plus a 6% sales tax would require a debit to Accounts Receivable of (a) 15. (b)...
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The collection of a $36,000 account within the 2 percent discount period will result in a:
debit to Sales Discounts for $720. | |
credit to Inventory for $720 | |
debit to Accounts Receivable for $35,280. | |
credit to Cash for $35,280. |
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