Yowell Company granted a sales discount of $360 to a customer when it collected the amount due on account. Yowell uses the perpetual inventory system. Which of the following answers reflects the effects on the financial statements of only the discount? Assets=Liab.+EquityRev.?Exp.=Net Inc.Cash FlowA.(360)=NA +(360)(360)?NA =(360)(360)OAB.NA =(360)+360 360 ?NA =360 NA C.(360)=NA +(360)(360)?NA =(360)NA D.NA =(360)+360 360 ?NA =360 NA
A. Option A
B. Option B
C. Option C
D. Option D
Answer: C
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