Maxies Game World sold games to a customer on credit for $3,400, terms 1/10, n/30...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Maxies Game World sold games to a customer on credit for $3,400, terms 1/10, n/30 and the cost of the games was $2,500. When recording the collection from the customer made within the discount period, in its cash receipts journal, Maxies would enter:
Multiple Choice
$3,400 in the Cash Dr. column and $3,400 in the Accounts Receivable Cr. column.
$3,366 in the Cash Dr. column and $3,366 in the Accounts Receivable Cr. column.
$3,366 in the Cash Dr. column, $34 in the Sales Discount Dr. column and $3,400 in the Accounts Receivable Cr. column.
$3,400 in the Accounts Receivable Dr./Sales Cr. column and $3,400 in the Cash Cr. column.
$3,400 in the Cash Dr. column. $2,500 in the Sales Cr. column, and $2,500 in the Cost of Goods Sold Dr./Inventory Cr. column.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
