Travis Corporation Purchases Merchandise on Account from Jackson Company, Terms

question 72

Multiple Choice

Travis Corporation purchases merchandise on account from Jackson Company, terms 2/10, n/30.Travis and Jackson both use periodic inventory systems.If Travis pays within the discount period, Travis will

• A)debit the amount of the discount to Purchases.
• B)credit the amount of the discount to Cash.
• C)credit the amount of the discount to Inventory.
• D)credit the amount of the discount to Purchases Discounts.

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Definitions:

Cognitive Researcher

A scientist who studies the mental processes involved in perception, memory, thought, and problem solving to understand how people process and store information.

Cultural Psychologist

A professional in psychology who studies how cultural practices influence human behavior and thought processes.

Learning Theorist

An individual who studies and theorizes about how people acquire knowledge, skills, habits, and attitudes.

Biological Psychologist

A scientist who studies the biological underpinnings of behavior, emotions, and mental processes.