Consider the Following Short Case as You Respond to the Next

question 22

Multiple Choice

Consider the following short case as you respond to the next question: VLC Corporation sold merchandise with a cost of $200 on account for $300 to PRT Corporation; credit terms were 2 / 10, n / 30. VLC paid the outgoing freight charge of $10. PRT paid the invoice within the discount period.Considering all entries VLC would make in its AIS to record all the preceding transactions, how many different income statement accounts would be involved?

• A)Three
• B)Four
• C)Five
• D)More than five

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Definitions:

Respiration Rate

The number of breaths taken per minute; a vital sign used to assess an individual's respiratory health and function.

Blood Sugar

The concentration of glucose in the blood, an important energy source for the body's cells.

Digestion

The biological process by which the body breaks down food into absorbable components.

Emergency Situation

A sudden, urgent, usually unexpected occurrence or condition requiring immediate action.