The Entry to Record the Receipt of Payment Within the Discount

question 169

Multiple Choice

The entry to record the receipt of payment within the discount period on a sale of $2,000 with terms of 2/10, n/30 will include a credit to

• A) Sales Discounts for $40.
• B) Cash for $1,960.
• C) Accounts Receivable for $2,000.
• D) Sales Revenue for $2,000.

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Definitions:

Cryptochrome

A class of flavoproteins that are sensitive to blue light and have roles in the circadian rhythms of plants and animals.

Circadian Rhythm

A natural, internal process that regulates the sleep-wake cycle and repeats on each rotation of the Earth roughly every 24 hours.

Thigmomorphogenesis

The growth and developmental changes in plants that result from mechanical stimulation or touch.

Cytokinins

A class of plant hormones that promote cell division and growth, and delay senescence.