7 Valerie's Market uses a perpetual inventory system when recording its cash payments and...
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Accounting
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Valerie's Market uses a perpetual inventory system when recording its cash payments and cash receipts. The business sells $6,700 of goods to a charge account customer with terms of 2/10,n/30. If the customer pays within the discount period, the entry to record the receipt of cash from the customer would include: Multiple Choice a debit to Cash for $6,566; a debit to Sales Discounts for $134 and a credit to Accounts Receivable for $6,700 a debit to Cash for $6,566 and a credit to Accounts Receivable for $6,566 a debit to Cash for $6,700 and a credit to Accounts Receivable for $6,700 a debit to Cash for $6,566; a debit to Purchase Discounts for $134 and a credit to Accounts Receivable for $6,566
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