The Entry to Record Payment of a $1,500 Purchase Within

question 8

Multiple Choice

The entry to record payment of a $1,500 purchase within the 2 percent discount period would include a(n)

• A) decrease to Accounts Payable for $1,470.
• B) increase to Purchases Discounts for $30.
• C) increase to Accounts Payable for $1,500.
• D) increase to Cash for $1,500.

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Definitions:

Knowledge Workers

Individuals whose primary job involves processing and working with information, requiring specialized knowledge or technical skills.

Marketing Analysts

Professionals who assess market trends, consumer behavior, and competitive dynamics to inform business strategy and marketing efforts.

Interorganizational System

An interorganizational system (IOS) is a technology-based infrastructure enabling information exchange and coordination of activities between different organizations.

Supply Chain System

A network of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.