JJ CoPurchased on Account Merchandise with a List Price of $10,000

question 66

Multiple Choice

JJ Co.purchased on account merchandise with a list price of $10,000.Payment terms were 1/15,n/45.If collection occurs before the discount expires,what is the effect of the sales discount on the balance sheet?

• A)Decreases accounts receivable
• B)Decreases inventory
• C)Increases accounts payable
• D)Increases cash

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