To Record the Payment of a Purchase Invoice When a Cash

question 81

Multiple Choice

To record the payment of a purchase invoice when a cash discount is taken, the accountant would:

• A)debit Accounts Payable and credit Cash.
• B)debit Accounts Payable, credit Purchases Discounts, and credit Cash.
• C)debit Purchases, credit Purchases Discounts, and credit Cash.
• D)debit Accounts Payable, debit Purchases Discounts, and credit Cash.

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Definitions:

Japanese Concept

A philosophy or practice originating from Japan, often applied to management, manufacturing, or cultural approaches.

User Applies

The process by which individuals utilize and implement tools, knowledge, or systems to achieve specific tasks.

Client Specification

Detailed requirements provided by a client regarding the desired features and standards for a project or product.

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Assets, materials, or inputs used in the process of achieving goals or completing projects, including human skills, technology, and financial assets.