Rockhill Industries Received Payment After the Expiration of the Discount

question 94

Multiple Choice

Rockhill Industries received payment after the expiration of the discount period from a customer who had purchased merchandise on account. The sales invoice was for $3,000, and credit terms were 3/15 n/30. The cost of the merchandise was $1,800. In the cash receipts journal:

• A)$3,000 will appear in the sales revenue credit column.
• B)$3,000 will appear in the accounts receivable debit column.
• C)$3,000 will appear in the accounts receivable credit column.
• D)$90 will appear in the sales discounts debit column.

Recognize the importance of distribution and supply chain management in achieving competitive advantage.

Explain the dependence of service demand on time and place.

Understand the role of mass communication in the AIDA model and marketing strategies.

Explore the evolution from traditional power dynamics to collaborative approaches within marketing channels.

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Definitions:

Unemployment Compensation Tax

A tax that employers pay to the government, which is used to fund unemployment benefits for workers who have lost their jobs.

Salaries Payable

Salaries payable represent the amount of salary expenses that have been incurred by a business but have not yet been paid to employees.

Ceilings For Taxes

Limits set for the amount of taxes that can be imposed or charged by a government or regulatory entity.

Social Security Tax

A mandatory tax levied on both employers and employees to fund the Social Security program.