On November 10 of the current year, Blue Co. sold materials to a customer for...
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Accounting
On November 10 of the current year, Blue Co. sold materials to a customer for $8,000 with credit terms 2/10, n/30. Blue Co. uses the net method of accounting for sales discounts. What entry would Blue Co. make on December 10, assuming the correct payment was received on that date?
Multiple Choice
Cash
8,160
Accounts receivable
8,000
Sales discounts forfeited
160
Cash
8,000
Accounts receivable
7,840
Sales discounts forfeited
160
Cash
8,000
Accounts receivable
8,000
Cash
8,000
Accounts receivable
7,840
Discounts revenue
160
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