On July 8, Ray Inc. sold 100 printers to Office Rental Company at $600 each and offered a 2% discount for payment within 10 days. On July 15, Office Rental Company paid the full amount in cash. What should Ray Inc. record on July 15? A. Cash 60,000 Accounts Receivable 60,000 B. Cash 58,800 Accounts Receivable 58,800 C. Cash 58,800 Sales Discounts 1,200 Accounts Receivable 60,000 D. Cash 60,000 Sales Discounts 1,200 Sales Revenue 58,800 Multiple Choice Option A Option B Option C Option D

B. Cash 58,800 Accounts Receivable 58,800

Explanation:

Sale of 100 printers to Office Rental Company at $600 each and offered a 2% discount for payment within 10 days

Is Recorded as

Trade Receivable $ 58,000 (debit)

Revenue $58,000 (credit)

Being Recognition of an Asset - Trade Receivable and Recognition of Revenue less sales discount

On payment of full payment transaction is recorded as

Cash $ 58,000 (debit)

Trade Receivable $58,000 (credit)

Being De-recognition of Asset - Trade Receivable and Recognition of Revenue

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

answernet income for 2017 will be greater if the inventory quantity declines;