Valerie's Market uses a perpetual inventory system when recording its cash payments and cash receipts....
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Accounting
Valerie's Market uses a perpetual inventory system when recording its cash payments and cash receipts. The business sells $3,300 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:
a. a debit to Cash for $3,234 and a credit to Accounts Receivable for $3,234
b. a debit to Cash for $3,300 and a credit to Accounts Receivable for $3,300
c. a debit to Cash for $3,234; a debit to Sales Discounts for $66 and a credit to Accounts Receivable for $3,300
d. a debit to Cash for $3,234; a debit to Purchase Discounts for $66 and a credit to Accounts Receivable for $3,234
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