212 Financial Accounting Review Problem om Insert Table ChartTextShape Media Com
ID: 2393546 • Letter: 2
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