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Question(s) / Instruction(s):

Moses Company sells merchandise on account for $2,000 to Lane Company with credit terms of 2/10, n/30. Lane Company returns $300 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Moses Company make upon receipt of the check?

A.            Cash                                                                      1,700    

                                Accounts Receivable                                      1,700

B.            Cash                                                                      1,666    

                Sales Returns and Allowances                    334        

                                Accounts Receivable                                      2,000

C.            Cash                                                                      1,666    

                Sales Returns and Allowances                    300        

                Sales Discounts                                                 34          

                                Accounts Receivable                                      2,000

D.            Cash                                                                      1,960    

                Sales Discounts                                                 40          

                                Sales Returns and Allowances                    300

                                Accounts Receivable                                      1,700

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