The Journal Entry to Record Taking a Discount When Paying

question 146

Multiple Choice

The journal entry to record taking a discount when paying for goods previously purchased on account includes a:

• A)credit to two asset accounts.
• B)credit to a liability account.
• C)debit to an asset account.
• D)debit to an expense account.

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Definitions:

Leukocytes

White blood cells that are part of the body's immune system, fighting infection and disease.

Hemoglobin

A protein found in red blood cells responsible for transporting oxygen from the lungs to the body's tissues and returning carbon dioxide from the tissues back to the lungs.

Nitrites

Nitrites are chemical compounds that can be used as food preservatives or can occur naturally, but in high amounts can be harmful.

Urinary Tract Infection

An infection in any part of the urinary system, often caused by bacteria.