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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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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 10, Problem 2QY
Textbook Problem

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?

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

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Chapter 10 Solutions

College Accounting (Book Only): A Career Approach
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