The Entry to Record the Receipt of Payment Within the Discount

question 10

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 ¥7,500.

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Definitions:

Piaget

A Swiss psychologist known for his pioneering work in the study of child development, particularly his theory of cognitive development.

Abstract Ideas

Concepts that do not have a physical or tangible presence, and are often complex and thought-based.

Basic Properties

Fundamental characteristics or attributes that define and describe the nature or essence of a subject or entity.

Little League

A youth sports organization that primarily provides opportunities for children to play baseball and softball in a structured, competitive environment.