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Monica's Closet received payment in full within the discount period for goods sold on a $600 sales invoice, terms 2/10, n/30. Which entry records this
Monica's Closet received payment in full within the discount period for goods sold on a $600 sales invoice, terms 2/10, n/30. Which entry records this payment (please provide details with your answer)?
A.
Debit Cash $600; credit Accounts Receivable $600
B.
Debit Accounts Receivable $600; credit Sales $600
C.
Debit Cash $588, debit Sales Discount $12; credit Sales $600
D.
Debit Cash $588, debit Sales Discount $12; credit Accounts Receivable $600
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