The Entry to Record the Receipt of Payment Within the Discount

question 91

Multiple Choice

The entry to record the receipt of payment within the discount period on a sale of $2500 with terms of 2/10 n/30 will include a credit to

• A) Sales Discounts for $50.
• B) Cash for $2450.
• C) Accounts Receivable for $2500.
• D) Sales Revenue for $2500.

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Definitions:

Independently Employed

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English Professor

An academic professional specializing in the study, teaching, and research of the English language and literature.

State Court

A court that has jurisdiction over disputes with some connection to a U.S. state, as opposed to federal courts which have jurisdiction over violations of federal law.

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A person's belief in their ability to succeed in specific situations or accomplish a task.