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Macaroon Corp. has sold goods at terms 1/10, n/30. If the discount is not taken, the amount payable is $8,524. Assuming Macaroon has used the
Macaroon Corp. has sold goods at terms 1/10, n/30. If the discount is not taken, the amount payable is $8,524. Assuming Macaroon has used the net method, and payment was received within the discount period, the entry to record the payment would include
a) an additional debit of $85.24 to Accounts Receivable.
b) a credit of $8,438.76 to Accounts Receivable.
c) a credit of $85.24 to Sales.
d) a debit of $85.24 to "Forfeited Sales Discounts."
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