Answer:
No. Date Accounts titles and explanation Debit Credit
(a) Jan. 6 Accounts receivable $7,600
Sales $7,600
Jan. 16 Cash $7,296
Sales discounts($7,600 * 4%) $304
Accounts receivable $7,600
(b) Jan. 10 Accounts receivable $13,300
Sales $13,300
Feb. 12 Cash $6,650
Accounts receivable $6,650
Mar. 10 Accounts receivable $133
Interest revenue(6,650 * 2%) $133
The right answer for the question that is being asked and shown above is that: "c. the revenue recognition principle. " Revenue is reported on the income statement in the period earned. The accounting concept supporting this reporting is <span>the revenue recognition principle. </span>
