The time a seller allows a buyer before full payment has to be made is called the:

a.extension period.

b.payback period.

c.credit period.

d.sales period.

On March 15, Alpha Company sold merchandise worth $650 to Omega, Inc. On March 21, Omega, Inc., returned merchandise worth $125. Alpha Company issued credit memorandum no. 715 and recorded the transaction. Which of the following journal entries is passed by Alpha Company to record the return of merchandise by Omega, Inc.?

a.A debit to Accounts Receivable, Omega, Inc., for $525 and a credit to Sales Returns and Allowances for $525

b.A debit to Accounts Receivable, Omega, Inc., for $125 and a credit to Sales Returns and Allowances for $125

c.A debit to Sales Returns and Allowances for $125 and a credit to Accounts Receivable, Omega, Inc., for $125

d.A debit to Sales Returns and Allowances for $525 and a credit to Accounts Receivable, Omega, Inc., for $525

Which of the following accounts must be credited to record the payment of liability insurance in cash?

a.Cash

b.Purchases

c.Prepaid Insurance

d.Accounts Payable

please answer all the questions