The Entry to Record the Receipt of Payment Within the Discount

question 206

Multiple Choice

The entry to record the receipt of payment within the discount period on a sale of $900 with terms of 2/10, n/30 will include a

• A)credit to Sales Discounts for $18.
• B)debit to Sales Revenue for $882.
• C)credit to Accounts Receivable for $900.
• D)credit to Sales Revenue for $900.

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Definitions:

Tit-for-tat Strategy

A strategy in game theory where a participant replicates the opponent's previous action, often used in conflict resolution or competitive situations.

Repeated Play

In game theory, it refers to situations where the same game is played multiple times by the same participants, potentially leading to different strategies based on past outcomes.

Resale Price Maintenance

A practice whereby manufacturers dictate the minimum prices retailers can charge for their products.

Prime Purchase

A term not specifically defined in standard economics, potentially referring to a primary or significant purchase by a consumer or business. If referring to Amazon Prime, it's a benefit requiring membership for free or expedited shipping.