What Is the Journal Entry to Record the Receipt of Payment

question 98

Multiple Choice

What is the journal entry to record the receipt of payment on June 15th for the following: June 1st, merchandise sold on account in the amount of $525, credit terms 1/10, n/30.

• A)
• \(\text { Accounts Receivable } \quad 525 \mathrm{DR}\)
• \(\text { Cash } \quad 525 \mathrm{CR}\)
• B)
• Cash \(\quad\quad525 \mathrm { CR }\)
• Accounts Receivable\(\quad525 \mathrm { CR }\)
• C)
• \(\begin{array} { l r r }
• \text { Accounts Receivable } & 519.75 \mathrm { DR } & \\
• \text { Sales Discount } & 5.25 \mathrm { DR } & \\
• \quad \text { Cash } & & 525 \mathrm { CR }
• \end{array}\)
• D)
• \(\begin{array} { l r r }
• \text { Cash } & 525 \mathrm { DR } & \\
• \text { Sales Discount } & & 5.25 \mathrm { CR } \\
• \quad \text { Accounts Receivable } & & 519.75 \mathrm { CR }
• \end{array}\)

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