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.
Question
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:
Question 2 options:
Cash for $1,960
Accounts Receivable for $2,000
Accounts Receivable for $1,960
Sales Discounts for $40
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