A journal entry with a debit to cash of $980, a debit to Sales Discounts of $20, and a credit to Accounts Receivable of $1,000 means that a customer has taken a 10% cash discount for early payment. A) TrueB) False

False

Explanation:

When a company sales on account, accounts receivable becomes debit and sales becomes credit irrespective of perpetual or periodical. If the company sets a term with a discount, and the customer pays the bill within the discount period, the company will receive the money by deducting the discount. To record the transaction, the following journal entry is followed -

Cash                           Debit    

Sales discount           Debit     XX

Accounts receivable Credit                

However, the amount is not correct. Because 10% of $1,000 = $100.

Therefore, cash will be a debit of $900, sales discount will be a debit of $100, and accounts receivable will be a credit of $1,000.

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