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The entry to record the receipt of payment within the discount period on a sale of P10,000 with terms of 3/15, n/60 will include a   a. debit to Sales Discounts for $300  b. debit to Cash for P9,700. Credit to Sales Revenue for P9700 c. credit to Accounts Receivable for P9,700. d. credit to Sales Revenue for P10,000.

The entry to record the receipt of payment within the discount period on a sale of P10,000 with terms of 3/15, n/60 will include a   a. debit to Sales Discounts for $300  b. debit to Cash for P9,700. Credit to Sales Revenue for P9700 c. credit to Accounts Receivable for P9,700. d. credit to Sales Revenue for P10,000.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 2QY: What is the entry to record the cash received on a sale of 500, credit terms 1/15, n/30, if the...
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9. The entry to record the receipt of payment within the discount period on a sale of P10,000 with terms of 3/15, n/60 will include a

 
a. debit to Sales Discounts for $300 
b. debit to Cash for P9,700. Credit to Sales Revenue for P9700
c. credit to Accounts Receivable for P9,700.
d. credit to Sales Revenue for P10,000.
 
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