The Entry to Record a Payment on a $500 Account

question 48

Multiple Choice

The entry to record a payment on a $500 account within the 2% discount period would include a

• A) debit to Accounts Payable for $490.
• B) debit to Accounts Payable for $500.
• C) credit to Purchases for $510.
• D) debit to Cash for $490.

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Definitions:

Divergent Plate Boundaries

Places on Earth's surface where tectonic plates move away from each other, leading to the formation of new crust as magma rises and solidifies.

Continental Rifts

Large-scale geological features that form when tectonic plates in the Earth's crust move apart, leading to the formation of new ocean basins or rift valleys.

Continental Crust

The thick part of the Earth's crust that forms the continents and continental shelves, characterized by a composition distinct from that of the oceanic crust.

Hot Conditions

Environmental or atmospheric situations characterized by high temperatures, often affecting living conditions and climate patterns.