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Advanced Computer Parts uses the perpetual inventory system. On May 5, Advanced sold merchandise with a cost of $5,000 for $8,500 to a customer on
Advanced Computer Parts uses the perpetual inventory system. On May 5, Advanced sold merchandise with a cost of
$5,000
for
$8,500
to a customer on account with terms of
2/10,
n/30. Which of the following journal entries correctly records the payment received from the customer on May 11?
Question content area bottom
Part 1
A.
Cash | 8,330 | |
Accounts Receivable | 8,330 |
B.
Cash | 8,500 | |
Accounts Receivable | 8,330 | |
Sales Discounts Forfeited | 170 |
C.
Cash | 8,330 | |
Sales Discounts Forfeited | 170 | |
Accounts Receivable | 8,500 |
D.
Cash | 3,500 | |
Accounts Receivable | 3500 |
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