On June 3,Win-Tel Company Sold Merchandize Worth $800 on Credit,terms $\begin{array}{lr}\text { Accounts Receivable } & 784 \\\text { Sales Discounts } & 16 \\\text { Cash } &&800\end{array}$

question 63

Multiple Choice

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

• A)
• \(\begin{array}{lr}
• \text { Accounts Receivable } & 784 \\
• \text { Sales Discounts } & 16 \\
• \text { Cash } &&800
• \end{array}\)
• B)
• \(\begin{array}{l}
• \text { Accounts Receivable } &800\\
• \text { Sales Discounts } &&16\\
• \text { Cash }&&784
• \end{array}\)
• C)
• \(\begin{array}{lc}
• \text { Cash } & 784 \\
• \text { Sales Discounts } & 16 \\
• \text { Accounts Receivable } &&800
• \end{array}\)
• D)
• \(\begin{array} { l c r }
• \text { Cash } & 800 \\
• \text { Sales Discounts } & 16 & \\
• \quad \text { Accounts Receivable } & & 816
• \end{array}\)

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Definitions:

Perform Poorly

To achieve results or outcomes that are below expected or standard levels.

Simple Tasks

Tasks that are straightforward and uncomplicated, requiring minimal effort or skill to complete.

Distracted

A state of divided attention, where focus is drawn away from the primary task or subject of interest towards unrelated thoughts or activities.

Larger Portions

Serving sizes that are significantly bigger than standard or recommended amounts, often linked to overconsumption and health issues.