A Company Sold Merchandise for $20,000 on Account with Terms

question 88

Multiple Choice

A company sold merchandise for $20,000 on account with terms of 3/10, n/30. The company uses a perpetual inventory system. After two days, it received defective merchandise worth $2,000. The journal entry to record the cash receipt for sale if the payment is received within 10 days of the invoice date would include:

• A)a debit to Cash for $17,460, a credit to Merchandise Inventory for $540, and a credit to Sales Revenue for $18,000.
• B)a debit to Cash for $17,460, a debit to Sales Discount for $540, and a credit to Accounts Receivable for $18,000.
• C)a debit to Cash for $18,000, a debit to Merchandise Inventory for $2,000 and a credit to Accounts Receivable.
• D)a debit to Sales for $20,000, a credit to Accounts Receivable for $20,000, and a credit to Sales Discount for $2,000.

Identify and differentiate between various attachment styles in infants.

Understand nonverbal encoding in child development and its significance.

Recognize Erikson's developmental stages and their impact on personality development.

Understand the pharmacological treatments for ADHD and the mechanism of action for amphetamines.

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Definitions:

Diuretic

A substance that promotes the production of urine, helping to remove excess fluids from the body.

Environmental Tobacco Smoke

The mixture of smoke from the burning end of a cigarette, pipe, or cigar, and the smoke exhaled by the smoker, also known as secondhand smoke.

Caffeine

A stimulant found in coffee, tea, chocolate, and some medications, known for its ability to enhance alertness and reduce feelings of fatigue.

Drug Misuse

The inappropriate or unsafe use of drugs, including prescription medication, over-the-counter drugs, alcohol, and illicit substances.