Classic Accessories, Inc $\begin{array} { l l } \text { Account Receivable, Hi-View } & \text { DR } \\\text { Sales } & \text { CR }\end{array}$

question 82

Multiple Choice

Classic Accessories, Inc. sold merchandise on account to Hi-View Industries for $2,950. What is the journal entry Classic Accessories will use to record this transaction?

• A)
• \(\begin{array} { l l }
• \text { Account Receivable, Hi-View } & \text { DR } \\
• \text { Sales } & \text { CR }
• \end{array}\)
• B)
• \(\begin{array} { l l }
• \text { Cash } & \text { DR } \\
• \text { Sales } & \text { CR }
• \end{array}\)
• C)
• Sales \(\quad\) DR
• Accounts Receivable, Hi-View \(\quad\) CR
• D)
• \(\begin{array} { l l }
• \text { Sales } & \text { DR } \\
• \text { Cash } & \text { CR }
• \end{array}\)

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Definitions:

Price Discrimination

The practice of charging different prices for the same product or service to different consumers, based on what each is willing to pay.

Senior Citizens

Individuals of an advanced age, often defined as being 65 years old or older, who may have different social, economic, and healthcare needs.

Walmart

An American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores, known for its scale and efficiency in supply chain management.

Price Discrimination

The business strategy of selling the same product to different customers at different prices based on their willingness to pay.