The entry to record payment of a $1,500 purchase within the 2 percent discount period would include a(n)
a. decrease to Accounts Payable for $1,470.
b. increase to Purchases Discounts for $30.
c. increase to Accounts Payable for $1,500.
d. increase to Cash for $1,500.
B
You might also like to view...
All of the following are advantages available to companies if a single set of accounting standards were used except:
a. A single set of worldwide accounting standards would have no effect on accounting fee costs. b. A single set of standards would make it much easier to decide whether to acquire a foreign company. c. A single set of worldwide accounting standards would facilitate comparisons for investment purposes. d. A single set of worldwide accounting standards would make it easier to access foreign capital markets
SAS 109 requires auditors to obtain sufficient knowledge of the organization's risk assessment procedures to understand how management identifies, prioritizes and manages financial reporting risk. List five circumstances that can cause risks to arise or change
When the corporation declares a stock dividend, a stockholder's percentage ownership in the stock of the corporation ________.
A) will decrease B) can increase or decrease C) will increase D) remains unchanged
Research suggests that when it comes to our own performance, most of us first attribute our bad performance to
A. inadequate training. B. poor motivation. C. external constraints. D. lack of ability.