On June 3, Lakeland Company sold merchandise worth $1,600 on credit, terms 2/10, n/30. The merchandise sold had cost $1,100. The customer paid the amount on June 10. What is the required journal entry to record the payment received under the periodic inventory system?
A) Accounts Receivable 1,568 Sales Discounts 32Cash 1,600
B) Accounts Receivable 1,600 Sales Discounts 32Cash 1,568
C) Cash 1,568 Sales Discounts 32Accounts Receivable 1,600
D) Cash 1,600 Sales Discounts 32Accounts Receivable 1,632
C
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