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:

Elimination Products

Substances formed from the removal of atoms or groups in a molecule, often resulting in the formation of double or triple bonds.

Stereochemistry

The branch of chemistry that involves the study of the spatial arrangement of atoms in molecules and their effects on the chemical and physical properties of substances.

Reaction Pathway

The sequence of chemical reactions or steps leading from reactants to products, illustrating the process and intermediates formed.

Likely Products

The most probable substances formed as the outcome of a chemical reaction, based on reactants and conditions.