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:

Strategic Contingencies

Involves planning for and responding to events that could significantly impact an organization's ability to achieve its objectives.

Defensiveness

A psychological reaction that occurs in response to a perceived threat, characterized by a protective behavior aimed to defend oneself from criticism or harm.

Substitutability

The degree to which one product or service can be replaced with another to satisfy the same need or want.

David McClelland

A psychologist known for his work on motivation theory, which includes the need for achievement, the need for affiliation, and the need for power.