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ABC Co sold goods with a list price of $1,000 to Smith which was subject to trade discount of 5% and early settlement discount of 4% if the invoice was paid within 7 days. The normal credit period available to credit customers is 30 days from invoice date. At the point of sale, Smith was not expected to take advantage of early settlement terms offered.
Question 1: If Smith subsequently paid within 7 days and was eligible for the settlement discount, what accounting entries should be made by ABC Co to record settlement of the amount outstanding?
Option a) Debit Cash $950, Debit Revenue $50 and Credit Trade receivables $1,000
Option b) Debit Cash $950, Credit Revenue $38 and Credit Trade receivables $912
Option c) Debit Cash $912, Debit Revenue $38 and Credit Trade receivables $950
Option d) Debit Cash $912, and Credit Trade receivables 912
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