The Collection of a $6000 Account Within the 3 Percent

question 81

Multiple Choice

The collection of a $6000 account within the 3 percent discount period will result in a

• A) debit to Sales Discounts for $180.
• B) debit to Accounts Receivable for $5820.
• C) credit to Cash for $5820.
• D) credit to Accounts Receivable for $5820.

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Definitions:

Congress 1932

Refers to the 72nd United States Congress, notable for its enactment of significant legislation during the Great Depression under President Franklin D. Roosevelt's New Deal.

Nationalizing Industries

The transfer of private sector enterprises to the ownership and operation of the government with the goal of taking control over critical industries or resources.

Public Works

Infrastructure projects financed and constructed by the government for recreational, employment, and health and safety uses in public spaces, including roads, bridges, and parks.

Herbert Hoover

The 31st President of the United States, serving from 1929 to 1933, whose term was marked by the onset of the Great Depression.