A Tabulation of Invoices at the End of the Day

question 54

Multiple Choice

A tabulation of invoices at the end of the day showed $1,600 in MasterCard invoices,which were deposited into a bank account at full value,less a 5 percent discount.The entry to record the above events would include an increase in

• A)Accounts Receivable for $1,520.
• B)Cash for $1,600.
• C)Sales for $1,520.
• D)Credit Card Expense for $80.

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Definitions:

Assimilation

In cognitive development, Jean Piaget's concept where individuals integrate new information into existing cognitive schemas or frameworks.

Existing Schemas

Mental structures or frameworks that organize and interpret information, influencing cognition and perception.

Egocentrism

In Piaget’s theory, the preoperational child’s difficulty taking another’s point of view.

Cognition

The mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.