On December 1, Macy Company sold merchandise with a selling price of $1000 on account to Mrs. Jorgensen, with terms 3/10, n/30. Ignoring cost of goods sold, what journal entry did Macy Company prepare on December 1? Macy expects no sales returns.
A) Debit Cash for 1000 and credit Accounts Receivable for 1000.
B) Debit Accounts Receivable for 970 and credit Cash for 970.
C) Debit Accounts Receivable for 970 and credit Sales Revenue for 970.
D) Debit Sales Revenue for 1000 and credit Accounts Receivable for 1000.
Correct Answer:
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