212 Financial Accounting Review Problem om Insert Table ChartTextShape Media Com

Question

212 Financial Accounting Review Problem om Insert Table ChartTextShape Media Comment 212 Financial Accounting Review Problem 1. The collection of a $1,000 account beyond the 2 percent discount period would result in a a. debit to Sales Discounts for $20. b. credit to Cash for $1,000. c. debit to Cash for $980 d. credit to Accounts Receivable for $1,000 Review point: Time value of money & Debit and credit account 2. Which of the following accounts would not appear as an asset on a manufacturer's balance sheet?

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Debit Credit d credit to account receivable for $1,000 since the entry is as below Cash Dr           1,000.00 To Accounts receivable             1,000.00 Since the collection is made beyond discount period no discount would be given

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