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ABC Inc. made a $100 sale on account with the following terms: 10/15, n/30 on January 1, 2018. Which is the correct journal entry for
ABC Inc. made a $100 sale on account with the following terms: 10/15, n/30 on January 1, 2018. Which is the correct journal entry for the following transaction for ABC Inc.: Received full payment from custom on January 15, 2018.
- A. debit (Cash $90 and Sales Discount $10) and credit (Accounts Receivable $100)
- B. debit (Cash $100) and credit (Accounts Receivable $100)
- C. debit (Cash $85 and Sales Discount $15) and credit (Accounts Receivable $100)
- D. debit (Cash $100) and credit (Accounts Receivable $85 and Sales Discount $15)
- E. none of the above.
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