Lee Enterprises Received Payment Within the Discount Period from a Customer

question 35

Multiple Choice

Lee Enterprises received payment within the discount period from a customer who had purchased merchandise on account. The sales invoice was for $2,000, and credit terms were 3/15 n/30. In the cash receipts journal, $1,940 will appear under the:

• A)sales revenue credit column.
• B)accounts receivable credit column.
• C)cash debit column.
• D)cash credit column.

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Definitions:

C + I + G + Xn

An equation representing the Gross Domestic Product (GDP) calculated by adding Consumption (C), Investment (I), Government Spending (G), and Net Exports (Exports minus Imports, Xn).

C + I + G

An economic formula representing the total aggregate demand in an economy, comprising Consumption (C), Investment (I), and Government spending (G).

Free Trade Zone

A specific region within a country where goods may be imported, handled, manufactured, and re-exported without direct intervention from customs authorities.

Trade Surplus

Trade surplus occurs when a country exports more goods and services than it imports.