On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. How would Flores record the sale on November 10?
Debit/Credit
A. Debit - Accounts Receivable 7,840
Credit - Sales Revenue 7,840
B. Debit - Accounts Receivable 8,000
Credit - Sales Revenue 8,000
C. Debit - Accounts Receivable 7,840
Debit - Cash Discounts 160
Credit - Sales Revenue 8,000
D. Debit - Accounts Receivable 8,000
Credit - Cash Discounts 160
Credit - Sales Revenue 7,840
Answer: Debit - Accounts Receivable 8,000
Credit - Sales Revenue 8,000
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