Singh Company Received Payment in Full Within the Credit Period

question 78

Multiple Choice

Singh Company received payment in full within the credit period for goods sold for $400 plus 13% HST. Terms of the sale were n/30. Which entry records this transaction?

• A) Debit Accounts Receivable $420, credit Sales, $420
• B) Debit Cash, $452, credit Sales, $452
• C) Debit Cash, $400, credit Accounts Receivable, $400
• D) Debit Cash, $452, credit Accounts Receivable, $452

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Definitions:

Product Adaptation

The process of modifying a product to better suit the needs or preferences of a specific market or demographic.

Glocalization Strategy

A business strategy that involves adapting a global product or service to suit local tastes and cultures.

Global Sales

Refers to the total sales of products or services worldwide, encompassing various geographic regions and international markets.

Franchising Agreement

A legal contract in which a well-established business grants another party the right to operate under its brand and sell its products or services.