The Entry to Record a Purchase of $2,000 on Account

question 97

Multiple Choice

The entry to record a purchase of $2,000 on account, terms of 2/10, n/30, would include a

• A) debit to Inventory for $40.
• B) credit to Accounts Payable for $2,000.
• C) debit to Accounts Payable for $2,000.
• D) credit to Cash for $2,000.

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Definitions:

Negative Impression

A detrimental or unfavorable opinion formed in someone's mind based on an interaction, information, or experience.

Product Attributes

Characteristics or features of a product that are considered significant by consumers or that differentiate the product from competitors' offerings.

High Price

A pricing strategy where goods or services are offered at a higher cost than the average market price, often reflecting perceived higher value or quality.

Social Force

Factors within a society that influence individuals' behaviors, actions, and attitudes, such as cultural norms and values.