The assumption that in all ordinary situations an entity persists indefinitely is known as the reliability assumption

Stress is the feeling of tension and pressure; the source of that stress is known as a(n) _____.

Fill in the blank(s) with the appropriate word(s).

On May 1, Santelle Company purchased $700 of inventory on account with credit terms of 2/10, net 30. Santelle uses the perpetual inventory system. On May 2, the seller gave Santelle a $100 allowance due to a product defect

What journal entry did Santelle Company prepare on May 2? A) debit Accounts Payable for $100 and credit Purchase Returns and Allowances for $100 B) debit Accounts Payable for $100 and credit Purchase Discounts for $100 C) debit Cash for $100 and credit Accounts Payable for $100 D) debit Accounts Payable for $100 and credit Inventory for $100