Litten Enterprises Received Payment in Full from a Customer Who

question 56

Multiple Choice

Litten Enterprises received payment in full from a customer who had purchased goods on credit.Assuming the use of special journals,this entry would be recorded in the:

• A)sales journal.
• B)general journal.
• C)purchases journal.
• D)cash receipts journal.

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Definitions:

Misrepresents

The act of providing false or misleading information about something, often with the intent to deceive.

Disaffirm

The legal act of renouncing or voiding a contract or agreement, particularly as it relates to individuals who were not competent to enter into the contract initially, like minors.

Unconscionable Contracts

Agreements between parties that are so unfair or one-sided that they shock the conscience, often rendering them unenforceable in court.

Transfer Of Assets

The act of moving ownership of assets from one party to another, which could involve property, financial instruments, or other resources.