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What Is the Journal Entry to Record the Receipt of Payment

Question 35

Multiple Choice

What is the journal entry to record the receipt of payment on February 10th for the following: February 2nd, merchandise sold on account in the amount of $475. Credit terms 2/10, n/30.


A)
Cash 475DR\quad\quad475 \mathrm { DR }
Accounts Receivable 475CR\quad475 \mathrm { CR }
B)
 Accounts Receivable 475DR\text { Accounts Receivable } \quad 475 \mathrm{DR}
 Cash 475CR\text { Cash } \quad 475 \mathrm{CR}
C)
 Cash 465.50DR Sales Discount 9.50DR Accounts Receivable 475CR\begin{array} { l r r } \text { Cash } & 465.50 \mathrm { DR } & \\\text { Sales Discount } & 9.50 \mathrm { DR } & \\\quad \text { Accounts Receivable } & & 475 \mathrm { CR }\end{array}
D)
 Accounts Receivable 475DR Cash 465.50CR Sales Discount 9.5CR\begin{array} { c r } \text { Accounts Receivable } & 475 \mathrm { DR } \\\text { Cash } & 465.50 \mathrm { CR } \\\text { Sales Discount } & 9.5 \mathrm { CR }\end{array}

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