Lynn Corporation Bought $8,000 of Merchandise from Woods Corporation, Terms

question 1

Multiple Choice

Lynn Corporation bought $8,000 of merchandise from Woods Corporation, terms 2/10, n/30. The company uses the periodic inventory system and the voucher system. The journal entry to record the payment under the net method after the discount period would be to:

• A) debit Vouchers Payable $8,000; credit Cash $8,000.
• B) debit Vouchers Payable $8,000; credit Discounts Lost $160; credit Cash $7,840.
• C) debit Vouchers Payable $7,840; credit Cash $7,840.
• D) debit Vouchers Payable $7,840; debit Discounts Lost $160; credit Cash $8,000.

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Definitions:

Polygenic

Referring to a trait or characteristic that is influenced by multiple genes rather than a single gene.

Monogenic Inheritance

A hereditary pattern where a trait is determined by a single gene.

Correlation And Causation

The relationship between two variables where one variable is found to be related to the other, but this does not necessarily indicate that one causes the other.

Richard Herrnstein

An American psychologist known for his work on intelligence and crime as well as the controversial book "The Bell Curve," co-authored with Charles Murray.