The Collection of a $2,000 Account Beyond the 2 Percent

question 138

Multiple Choice

The collection of a $2,000 account beyond the 2 percent discount period would result in a(n)

• A)increase to Cash for $1,960.
• B)decrease to Accounts Receivable for $2,000.
• C)decrease to Cash for $2,000.
• D)increase to Sales Discounts for $40.

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Definitions:

Optic Nerve

A nerve that transmits visual information from the retina to the brain.

Iris

The colored part of the eye surrounding the pupil, responsible for controlling the diameter and size of the pupil and thus the amount of light reaching the retina.

Rods

Photoreceptor cells in the retina that are sensitive to low light levels, responsible for black-and-white vision.

Semicircular Canals

Structures in the inner ear that are part of the vestibular system, helping to maintain balance by sensing head rotation.