The Collection of an $1,500 Account Within the 2 Percent

question 151

Multiple Choice

The collection of an $1,500 account within the 2 percent discount period will result in a

• A)debit to Sales Discounts for $30.
• B)debit to Accounts Receivable for $1,470.
• C)credit to Cash for $1,470.
• D)credit to Accounts Receivable for $1,470.

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Definitions:

State Theory

A concept in political science and sociology that analyzes the role and functions of the state in society.

Competitive Elections

Elections characterized by a transparent, fair process where multiple political entities have a genuine opportunity to obtain power.

Representative

Someone who is elected or appointed to act or speak for others.

Democratic

Relating to or supporting democracy, a system of government in which power is vested in the hands of the people, either directly or through elected representatives.