On August 12,a Company Provides Services on Account to a Customer

question 26

Essay

On August 12,a company provides services on account to a customer for $3,000.However,on August 16,the customer is not completely satisfied with the service and the company grants an allowance on the amount owed of $400.On August 20,the customer makes full payment of the balance owed,excluding the allowance.Record the services provided on August 12,the sales allowance on August 16,and the cash collection on August 20.

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Definitions:

Utilitarian View

An ethical philosophy that posits the best action is the one that maximizes utility, typically defined as that which produces the greatest well-being of the greatest number of people.

Greatest Good

A principle often associated with utilitarianism, focusing on actions that aim to maximize happiness or benefit for the greatest number of people.

Terminal Values

Deeply held beliefs or goals that individuals consider as their ultimate life objectives.

Instrumental Values

These are values that are seen as a means to an end, guiding individuals on how to reach their goals or desired outcomes.