Received payment. Within the discount period, for merchandise sold previously. T

Question

Received payment. Within the discount period, for merchandise sold previously. This will be recorded with a : A credit to an asset account B debit to a liability account C debit to capital D none of the above Received payment. Within the discount period, for merchandise sold previously. This will be recorded with a : A credit to an asset account B debit to a liability account C debit to capital D none of the above A credit to an asset account B debit to a liability account C debit to capital D none of the above

Explanation / Answer

Answer A. credit to an asset account Journal Entry to be Passed: Particulars Dr. Amt. Cr. Amt. Cash XXX    Accounts Receivable XXX

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