Rockhill Industries received payment after the expiration of the discount period from a customer who had...
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Rockhill Industries received payment after the expiration of the discount period from a customer who had purchased merchandise on account. The sales invoice was for $3,000, and credit terms were 3/15 n/30. The cost of the merchandise was $1,800. In the cash receipts journal: Select one: O A. $3,000 will appear in the sales revenue credit column. O B. $3,000 will appear in the accounts receivable debit column. O C $90 will appear in the sales discounts debit column. O D. $3,000 will appear in the accounts receivable credit column. Rockhill Industries received payment after the expiration of the discount period from a customer who had purchased merchandise on account. The sales invoice was for $3,000, and credit terms were 3/15 n/30. The cost of the merchandise was $1,800. In the cash receipts journal: Select one: O A. $3,000 will appear in the sales revenue credit column. O B. $3,000 will appear in the accounts receivable debit column. O C $90 will appear in the sales discounts debit column. O D. $3,000 will appear in the accounts receivable credit column.
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The correct statement 3000 will appear in the accounts receivable credit column Expla... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
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