Multiple Choice
The entry to record payment of a $3,000 purchase within the 2 percent discount period would include a(n)
A) decrease to Accounts Payable for $2,940.
B) increase to Purchases Discounts for $60.
C) increase to Accounts Payable for $3,000.
D) increase to Cash for $3,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q11: Income from operations is arrived at after
Q12: Use this information to answer the following
Q13: Which of the following is necessary for
Q14: Purchase discounts are discounts that a buyer
Q15: The operating cycle is the average days'
Q17: Which of the following is not classified
Q18: Freight paid on goods shipped to customers
Q19: Use this information to answer the following
Q20: The financing period is also referred to
Q21: The difference between gross sales and net