Secret Trails Received Payment in Full Within the Credit Period

question 25

Multiple Choice

Secret Trails received payment in full within the credit period for boarding for $800 plus 13% HST. Terms of the sale were 2/10, n/30. Which entry is required to record this transaction?

• A) Debit Accounts Receivable, $800; credit Sales, $800
• B) Debit Cash, $888; credit Accounts Receivable, $888
• C) Debit Cash, $784; credit Sales, $784
• D) Debit Cash, $904; credit Sales, $904

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Strategic Plans

Long-term goals and the actionable steps designed to achieve an organization's objectives.

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Documents that outline a company's strategy, financial forecasts, market analysis, and operational objectives.

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A formal summary of the aims and values of a company, organization, or individual, guiding its decisions and strategies.

Business

An organization or economic system where goods and services are exchanged for one another or for money.