Returned Merchandise Paid for Within the Discount Period for Cash

question 72

Multiple Choice

Returned merchandise paid for within the discount period for cash.The perpetual inventory system is in use.This will be recorded with:

• A)a debit to a liability and a credit to an asset.
• B)a debit to an asset and a credit to an asset.
• C)a debit to an expense and a credit to a liability.
• D)a debit to an expense and a credit to an asset.

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Definitions:

Velázquez

Diego Velázquez was a leading artist of the Spanish Golden Age, known for his masterful use of realism and complex compositions.

Chamberlain

A senior official who manages the household of a monarch or noble, historically responsible for the private chambers and overseeing domestic affairs.

Curator

A professional in charge of managing, organizing, and overseeing a collection of artworks or artifacts in a museum, gallery, or similar institution, including the curation of exhibitions.

Artemisia Gentileschi

An Italian Baroque painter, significant for her paintings depicting strong and suffering women from myths and the Bible, notable in a period dominated by male artists.