Merchandise was sold on credit for $3,000,terms 1/10,n/30.The entry to record the cash collection should include which of the following?
A) debit Cash,$3,000,and credit Trade Receivables,$3,000,if collected within the discount period.
B) debit Cash,$3,000,and credit Trade Receivables,$2,970,and Sales Discount,$30,if collected within the discount period.
C) debit Cash,$3,000,and credit Trade Receivables,$2,970,and Sales Discount,$30,if collected after the discount period.
D) debit Cash,$3,000,and credit Trade Receivables,$3,000,if collected after the discount period.
Correct Answer:
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