Which of the Following Is Recorded Upon Receipt of a Payment

question 66

Multiple Choice

Which of the following is recorded upon receipt of a payment on April 7, 2012, by a customer who pays a $900 invoice dated March 3, 2012, with terms 2/10, n/60?

• A) Debit Sales Discounts $18.
• B) Credit Purchase Discounts $18.
• C) Credit Accounts Receivable $882.
• D) Debit Cash $900.

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