What journal entry will Rain Shield make when the March 14 check from Putter is received?”?
Rain Shield offers credit terms of 2/10, n/30 to credit customers. Putter Pro Sops bought 200 golf umbrellas with a list price of &35 each on March 5, on account. The shipping terms were FOB shipping point. Putter received the merchandise on March 7. On March 14, Putter writes a check to Rain Shield to pay for the umbrellas.
A. Debit Cash, debit Sales Discount, credit Accounts Receivable
B. Debit Cash, credit Accounts Receivable
C. Debit Cash, crebit Sales Discount, credit Accounts Receivable
D. Debit Cash, crebit Sales Revenue
I know C. it’s wrong for sure. Please help..
A. Debit Cash (98% of the sales amount), debit Sales Discount (2% of the sales amt), credit Accounts Receivable (100% of the sales amt)
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