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Which of the journal entries correctly record the collection

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Reference no: EM133001781

Problem 1: Which of the following journal entries correctly records the collection of an account receivable for which a 1% sales discount was recorded at the time of collection?

Option 1:

Cash-Debit xxx

Sales discounts-Debit xxx

Accounts receivable-Credit xxx

Option 2:

Cash-Debit xxx

Bad debt expense-Debit xxx

Accounts receivable-Credit xxx

Option 3:

Cash-Debit xxx

Sales discounts-Credit xxx

Accounts receivable-Credit xxx

Option 4:

Cash-Debit xxx

Gross profit-Credit xxx

Accounts receivable-Credit xxx

Reference no: EM133001781

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