The Entry to Record the Receipt of Payment Within the Discount

question 9

Multiple Choice

The entry to record the receipt of payment within the discount period on a sale of $700 with terms of 2/10, n/30 will include a

• A) credit to Sales Discounts for $14.
• B) debit to Sales Revenue for $686.
• C) credit to Accounts Receivable for $700.
• D) credit to Sales Revenue for $700.

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Definitions:

Auxin

A class of plant hormones that regulates growth and facilitates various developmental processes, including cell elongation.

Stolons

Horizontal connections between organisms, especially plants, that allow for asexual reproduction and the spread of the organism.

Tissue Culture

A technique of growing cells, tissues, or organs in a controlled environment outside of their natural environment.

Protoplasts

Plant, bacterial, or fungal cells that have had their cell wall removed, exposing the cell membrane and internal contents.