Ramos Company Receives a Payment on Account from Martinez Industries

question 233

Multiple Choice

Ramos Company receives a payment on account from Martinez Industries. Based on the original sale of $8,000 using the periodic inventory approach, Ramos honors the 3% cash discount and records the payment. Which of the following is the correct entry for Ramos to record?

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Definitions:

Nature

The phenomena of the physical world collectively, including plants, animals, the landscape, and other features and products of the earth, as opposed to humans or human creations.

Maturational Processes

Biological or physiological developments that follow a predetermined sequence over an individual's life.

Heredity

The passing of genetic traits from parents to offspring through the genes.

Continuous And Discontinuous

Concepts in developmental psychology representing two different views of how change occurs; continuous implying gradual, cumulative change, and discontinuous suggesting distinct stages of development.