Merchandise is sold on account on January 16, terms 2/10, n/30,
Merchandise is sold on account on January 16, terms 2/10, n/30, and
recorded by debiting Accounts Receivable and crediting Sales for $2,000. If payment occurs on January 21, the journal entry would include a credit to:
A. Accounts Receivable for $1,960
B. Cash for $1,960
C. Sales Discounts for $40
D. Accounts Receivable for $2,000
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