Transcribed Image Text: On February 1, 2020, ABC Corporation sells $300,000 of merchandise on account. The payment terms are 3/10, n/30. If the customer pays on February 11, ABC’s journal

Transcribed Image Text: On February 1, 2020, ABC Corporation sells $300,000 of merchandise on account. The payment terms are 3/10, n/30. If the customer pays on
February 11, ABC’s journal entry on that date will:
O a. Debit loss on accounts receivable for $9,000 and credit accounts receivable for $300,000.
O b. Debit cash for $300,000 and credit Sales discounts for $9,000.
O c. Debit cash for $291,000 and debit selling expense for $9,000.
O d. Debit sales discounts for $9,000 and credit accounts receivable for $300,000.
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