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.

---

Definitions:

Use Fees

Charges applied for the use of a particular service, facility, or equipment, often based on duration or capacity of use.

Highway

A main road, especially one connecting major towns or cities, designed for fast travel and transportation of goods and people.

Congestion

A condition occurring in network systems or urban environments where the demand for resources or space exceeds the available capacity, leading to slowdowns and inefficiency.

Temporal Aggregation

A method that involves combining time series data over longer periods to analyze trends or patterns.