29. X Co. receives payments of $500 on an account receivable in which $1000 of the merchandise was originally purchased on account. Which of the following entries correctly records X Cos receipt of the $500 payment on the account.?

A. Debit AP $500 and credit cash $500

B. Debit cash $1000 credit sales discounts $500, and credit sales $500

C. Debit cash $500 and credit AR $500

D. Debit cash $500 and credit sales $500

E. Debit AR $500 and credit cash $500