18 - The entity made a discount due to the premature payment of the receivable arising from the sale it made on credit. In which account and how should this transaction be recorded? A) Domestic Sales account receivable B) Sales Discounts account receivable C) To the debt of the Domestic Sales account D) To the debt of General Administrative Expenses account E) To the debt of Sales Discounts account
18 - The entity made a discount due to the premature payment of the receivable arising from the sale it made on credit. In which account and how should this transaction be recorded? A) Domestic Sales account receivable B) Sales Discounts account receivable C) To the debt of the Domestic Sales account D) To the debt of General Administrative Expenses account E) To the debt of Sales Discounts account
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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18 - The entity made a discount due to the premature payment of the receivable arising from the sale it made on credit. In which account and how should this transaction be recorded?
A) Domestic Sales
B) Sales Discounts account receivable
C) To the debt of the Domestic Sales account
D) To the debt of General Administrative Expenses account
E) To the debt of Sales Discounts account
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