A Merchandiser Received Payment in Full After the Expiration of the Discount

question 65

Multiple Choice

A merchandiser received payment in full after the expiration of the discount period on a $3,000 sales invoice, terms 3/15 n/30. The journal entry would include a:

• A)debit to Cash for $2,910.
• B)credit to Accounts Receivable for $2,910.
• C)debit to Sales Discount of $90.
• D)debit to Cash for $3,000.