What Is the Journal Entry to Record the Receipt of Payment

question 22

Multiple Choice

What is the journal entry to record the receipt of payment on February 10th for the following: February 2nd, merchandise sold on account in the amount of $475. Credit terms 2/10, n/30.

• A)
• Cash \(\quad\quad475 \mathrm { DR }\)
• Accounts Receivable\(\quad475 \mathrm { CR }\)
• B)
• \(\text { Accounts Receivable } \quad 475 \mathrm{DR}\)
• \(\text { Cash } \quad 475 \mathrm{CR}\)
• C)
• \(\begin{array} { l r r }
• \text { Cash } & 465.50 \mathrm { DR } & \\
• \text { Sales Discount } & 9.50 \mathrm { DR } & \\
• \quad \text { Accounts Receivable } & & 475 \mathrm { CR }
• \end{array}\)
• D)
• \(\begin{array} { c r }
• \text { Accounts Receivable } & 475 \mathrm { DR } \\
• \text { Cash } & 465.50 \mathrm { CR } \\
• \text { Sales Discount } & 9.5 \mathrm { CR }
• \end{array}\)

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Definitions:

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