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mylen [45]
3 years ago
7

The entry to record the receipt of payment within the discount period on a sale of $1500 with terms of 2/9, n/30 will include a:

________.
A) credit to Sales Discounts for $30.
B) credit to Accounts Receivable for $1500.
C) credit to Sales Revenue for $1500.
D) debit to Sales Revenue for $1470.
Business
1 answer:
nikdorinn [45]3 years ago
4 0

Answer:

B) credit to Accounts Receivable for $1500.

Explanation:

The journal entry to record the given transaction is as follows

Cash $1,470

Sales discounts $30          ($1,500 × 2%)

        To Account receivable $1,500

(Being the receipts of payment is recorded)

While recording this transaction we debited the cash as it increased the assets plus the sales discount is also debited and at the same time we credited the account receivable as it decreased the asset

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2 years ago
Randy is an accountant at XYZ Store Co. In January the store had $150,000 in sales, $35,000 in payroll, $20,000 in rent and util
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