Kizspy Question: 43
(Choose 1 answer)
A company sold merchandise on account for $15,000 with terms 3/10, n/30. The cost of the merchandise sold
was $11,000. The customer paid within the discount period. What is the journal entry to record the receipt of
payment?
A. Debit Cash $14,550; Credit Accounts Receivable $14,550
B. Debit Cash $14,550; Credit Sales Discounts $450; Credit Accounts Receivable $15,000
C. Debit Cash $15,000; Credit Sales Discounts $450; Credit Accounts Receivable $14,550
D. Debit Cash $14,550; Debit Sales Discounts $450; Credit Accounts Receivable $15,000
E. Debit Cash $15,000; Credit Accounts Receivable $15,000
