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
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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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