The Collection of a ¥7,000 Account Within the 2 Percent

question 158

Multiple Choice

The collection of a ¥7,000 account within the 2 percent discount period will result in a

• A)debit to Sales Discounts for ¥140.
• B)debit to Accounts Receivable for ¥6,860.
• C)credit to Cash for ¥6,860.
• D)credit to Accounts Receivable for ¥6,860.

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Definitions:

Preoperational Stage

A Piagetian stage of early childhood marked by the acquisition of mental representation and symbolic functions.

Semiotic Function

The ability of signs, symbols, or languages to represent objects, actions, ideas, or concepts indirectly, which is fundamental in communication and thinking.

Reversibility

The concept that certain processes can be undone, returning to the original state by reversing the process that caused the change.

Egocentrism

A cognitive bias where an individual has difficulty understanding or assuming any perspective other than their own, often discussed in the context of child development.