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Merchandise was sold on credit for $30,000, terms 3/15, n/30. Which of the following journal entry descriptions correctly describes the cash collection? 4 O Cash
Merchandise was sold on credit for $30,000, terms 3/15, n/30. Which of the following journal entry descriptions correctly describes the cash collection? 4 O Cash is debited for $29,100 and accounts receivable is credited for $29,100 if the collection is after the discount period. O Cash is debited for $30,000, accounts receivable is credited for $29,100, and sales discounts is credited for $900 if the collection is within the discount period. O Cash is debited for $25,500 and accounts receivable is credited for $25,500 if the collection is within the discount period. Cash is debited for $29,100, sales discounts is debited for $900, and accounts receivable is credited for $30,000 if the collection is within the discount period
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