maxies game world sold games to a customer on credit for $4,100, terms 2/10, n/30 and the cost of the games…

maxies game world sold games to a customer on credit for $4,100, terms 2/10, n/30 and the cost of the games was $3,200. when recording the collection from the customer made within the discount period, in its cash receipts journal, maxies would enter:\n\nmultiple choice\n\n$4,100 in the accounts receivable debit/sales credit column and $4,100 in the cash credit column.\n\n$4,100 in the cash debit column, $3,200 in the sales credit column, and $3,200 in the cost of goods sold debit/inventory credit column.\n\n$4,100 in the cash debit column and $4,100 in the accounts receivable credit column.

maxies game world sold games to a customer on credit for $4,100, terms 2/10, n/30 and the cost of the games was $3,200. when recording the collection from the customer made within the discount period, in its cash receipts journal, maxies would enter:\n\nmultiple choice\n\n$4,100 in the accounts receivable debit/sales credit column and $4,100 in the cash credit column.\n\n$4,100 in the cash debit column, $3,200 in the sales credit column, and $3,200 in the cost of goods sold debit/inventory credit column.\n\n$4,100 in the cash debit column and $4,100 in the accounts receivable credit column.

Answer

Brief Explanations:

When a customer pays within the discount period, cash is received (debited) and the accounts - receivable is reduced (credited) for the full invoice amount. The cost of goods sold and inventory entries are made at the time of sale, not at the time of collection. So, cash is debited and accounts receivable is credited for the invoice amount of $4,100.

Answer:

$4,100 in the Cash Debit column and $4,100 in the Accounts Receivable Credit column.