The Collection of a $6,000 Account Within the 2 Percent

question 25

Multiple Choice

The collection of a $6,000 account within the 2 percent discount period will result in a

• A) debit to Sales Discounts for $120.
• B) debit to Accounts Receivable for $5,880.
• C) credit to Cash for $5,880.
• D) credit to Accounts Receivable for $5,880.

Identify exceptions to the consideration requirement.

Analyze the effect of modifications on contracts under various laws.

Understand the implications of contractual promises on legal obligations.

Evaluate the enforceability of contracts based on the sufficiency of consideration.

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Definitions:

Extinction

In psychology, the gradual weakening and eventual disappearance of a conditioned response when the conditioned stimulus is no longer paired with the unconditioned stimulus.

Conditioned Stimulus

A previously neutral stimulus that, after being associated with an unconditioned stimulus, triggers a conditioned response.

Sound Of Tone

The auditory perception of a specific frequency or quality of sound, often related to music or speech.

Unconditioned Stimulus

In classical conditioning, a stimulus that unconditionally, naturally, and automatically triggers a response without prior learning.