The collection of a $600 account beyond the 2 percent discount period will result in a
A) debit to Cash for $588.
B) debit to Accounts Receivable for $600.
C) debit to Cash for $600.
D) debit to Sales Discounts for $12.

Question

Quizplus · Accepted Answer

When the collection is made beyond the discount period, the full amount of $600 is collected, resulting in a debit to Cash for $600.

The Collection of a $600 Account Beyond the 2 Percent