On October 30, Goods with a List Price of $10,500

question 104

Multiple Choice

On October 30, goods with a list price of $10,500 are sold, subject to a trade discount of 25 percent with terms of 2/10, n/30. Payment is received from the customer on November 5. The amount recorded in the Sales Credit column on October 30 is

• A) $10,500.
• B) $10,290.
• C) $7,875.
• D) $7,717.50.
• E) $2,625.

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Definitions:

Social Contract

A philosophical theory or model that originates from the Age of Enlightenment, positing that individuals have consented, either explicitly or tacitly, to surrender some of their freedoms and submit to an authority in exchange for protection of their remaining rights.

Rawlsian Justice

A theory of justice that emphasizes fairness and equality, proposing principles to structure society for the benefit of all, especially the least advantaged.

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Moral Obligation

A commitment or duty to act in a morally sound manner, often beyond legal requirements, guided by personal ethics or conscience.