Merchandise was sold on credit for $3,000,terms 1/10,n/30.How should the seller record the cash collection?
A) Debit Cash,$3,000,and credit Accounts Receivable,$3,000,if collected within the discount period.
B) Debit Cash,$3,000,credit Accounts Receivable,$2,970,and credit Sales Discounts,$30,if collected within the discount period.
C) Debit Cash,$3,000,credit Accounts Receivable,$2,970,and credit Sales Discounts,$30,if collected after the discount period.
D) Debit Cash,$3,000,and credit Accounts Receivable,$3,000,if collected after the discount perioD. 
Correct Answer:
Verified
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