Valerie's Market uses a perpetual inventory system when recording its cash payments and cash receipts.The business sells $6,000 of goods to a charge account customer with terms of 1/10,n/30.If the customer pays within the discount period,the entry to record the receipt of cash from the customer would include:

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The customer is entitled to a 1% discount for paying within the discount period, which is $60 (1% of $6,000). The entry would include a debit to Sales Discounts for $60, a debit to Cash for $5,940, and a credit to Accounts Receivable for $6,000.

Valerie's Market Uses a Perpetual Inventory System When Recording Its