Regal Artworks Co

question 41

Multiple Choice

Regal Artworks Co.records purchases net of all available purchase discounts.If the company makes payment after the discount has expired,the entry to record the payment should include a:

• A)Debit to Purchase Discounts Lost.
• B)Credit to Purchase Discounts Lost.
• C)Debit to Sales Discounts.
• D)Credit to Sales Discounts.

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Definitions:

Legislative Laws

Statutes and regulations enacted by a legislature or other governing body to prescribe conduct, establish duties, and regulate society.

Uniform State Laws

Model statutes drafted by legal experts to achieve consistency in areas of law within different states, which states can adopt or modify as they see fit.

Uniform Commercial Code

An extensive suite of laws that encompasses all facets of commercial trade in the United States.

State Codes

Statutory laws adopted by individual states in the United States, governing various legal subjects.