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    Financial Accounting IFRS Study Set 3
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    Exam 5: Accounting for Merchandising Operations
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    The Entry to Record the Receipt of Payment Within the Discount
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The Entry to Record the Receipt of Payment Within the Discount

Question 10

Question 10

Multiple Choice

The entry to record the receipt of payment within the discount period on a sale of ¥7,500 with terms of 2/10, n/30 will include a credit to


A) Sales Discounts for ¥150.
B) Cash for ¥735.
C) Accounts Receivable for ¥7,500.
D) Sales for ¥7,500.

Correct Answer:

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