On June 3,Win-Tel Company Sold Merchandise Worth $800 on Credit,terms

question 15

Multiple Choice

On June 3,Win-Tel Company sold merchandise worth $800 on credit,terms 2/10,n/30.The merchandise sold had cost $550.The customer paid the amount on June 15. What is the required journal entry to record the payment received under the periodic inventory system?

• A) Accounts Receivable 784
• Sales Discounts 16
• Cash 800
• B) Accounts Receivable 800
• Cash 800
• C) Cash 784
• Sales Discounts 16
• Accounts Receivable 800
• D) Cash 800
• Accounts Receivable 800

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