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What correct ledger entrt to record transaction for smith co

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Reference no: EM132566331

Smith Co has the following transactions:

1) Performed a service of $880 on credit on 5th of January 2020

2) Allowed a discount of 10% if customer pays within 5 days. Customer made a payment on 7th of January

Question 1: What are the correct ledger entries to record these transactions?

Option A Dr Receivable $880

Cr Cash $880

Dr Discount allowed $88

Cr Receivable $88

Option B Dr Cash $792

Dr Discount allowed $88

Cr Revenue 880

Option C Dr Receivable $792

Cr Revenue $792

Option D Dr Receivable $880

Cr Revenue $880

Reference no: EM132566331

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