Lamps Unlimited, a wholesaler, sold several crates of lighting for $1,000 on account, to a customer with
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Question:
Lamps Unlimited, a wholesaler, sold several crates of lighting for $1,000 on account, to a customer with credit terms of 1/10, n/30. If the customer pays within the discount period, the journal entry to record the receipt of payment would include:
a. A debit to Accounts Receivable for $1,000.
b. A credit to Accounts Receivable for $1,000.
c. A debit to Sales Discounts for $100.
d. A credit to Sales Discounts for $10.
Related Book For
Corporate Financial Accounting
ISBN: 978-1305653535
14th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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