On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on November 17. How would Flores record the collection of cash on November 17?
Debit/Credit
A. Debit - Cash 7,840
Credit - Accounts Receivable 7,840
...
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B. Debit - Cash 7,840
Debit - Sales Discounts 160
Credit - Accounts Receivable 8,000
...
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C. Debit - Cash 7,840
Debit - Sales Revenue 160
Credit - Accounts Receivable 8,000
...
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D. Debit - Cash 8,000
Credit - Accounts Receivable 8,000
Answer: Debit - Cash 7,840
Debit - Sales Discounts 160
Credit - Accounts Receivable 8,000
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Accounting
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