ABC Merchandising Company recognized $1,500 of revenue on account from the sale of merchal $1,000. Merchandise was sold with terms 2/10, n/30. Which one of the following journal entries would record a payment in full within the discount period? Account Cash Debit Credit 1,350 Revenue 150 Accounts Receivable 1,500 Account Cash Debit 900 Credit Revenue 100 Accounts Receivable 1,000 O None of these journal entries are correct because COGS must be debited instead of Revenue. Account Cash Debit 980 Credit Revenue 20 Accounts Receivable 1,000 Account Cash Debit 1,470 Credit 30 Revenue Accounts Receivable 1,500 Question 27 ABC Merchandising Company recognized $1,500 of revenue on account from the sale of merchandise which had a cost of $1,000. Merchandise was sold with terms 2/10, n/30. If the customer pays within the discount period, how would that payment affect Net Income? The payment within the discount period would reduce Net Income $30. The payment within the discount period would have no effect on Net Income. The payment within the discount period would reduce Net Income $100 The payment within the discount period would reduce Net Income $20. The payment within the discount period would reduce Net Income $150. Previous Next Not saved Sub