Advanced Computer Parts uses the perpetual inventory system. On May 5, Advanced sold merchandise with a cost of

$1,500

for

$6,500

to a customer on account with terms of

4/10,

n/30. Which of the following journal entries correctly records the payment received from the customer on May 30?

Question content area bottom

Part 1

A.

Cash	6,240
Sales Discounts Forfeited	260
Accounts Receivable		6,500

B.

Cash	6,500
Accounts Receivable		6,500

C.

Cash	6,500
Accounts Receivable		6,240
Sales Discounts Forfeited		260