The Entry to Record the Receipt of Payment Within the Discount

question 38

Multiple Choice

The entry to record the receipt of payment within the discount period on a sale of $¥7,500$ with terms of $2 / 10 , n / 30$ will include a credit to

• A) Sales Discounts for \( ¥ 150 \).
• B) Cash for \( ¥ 735 \).
• C) Accounts Receivable for \( ¥ 7,500 \).
• D) Sales for \( ¥ 7500 \).

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Definitions:

Tenochtitlán

The capital city of the Aztec Empire, located on an island in Lake Texcoco, in what is now Mexico City, known for its complex urban design and significant temples.

Ledger Book

Historically, a book used by Native Americans, especially the Plains tribes, for recording history, events, and personal stories through drawings and illustrations.

Medium

In art, a medium refers to the material or technique used by an artist to create a work of art, such as oil, acrylic, digital, sculpture, and others.

Chilkat

A style of weaving traditionally practiced by the Tlingit and other Indigenous peoples of the Pacific Northwest, characterized by complex patterns and symbolic motifs.