Identify the Entry Below That Records the Acquisition of Office

question 32

Multiple Choice

Identify the entry below that records the acquisition of office supplies on account.

• A) debit Office Supplies;credit Cash
• B) debit Office Supplies;credit Accounts Receivable
• C) debit Accounts Payable;credit Office Supplies
• D) debit Office Supplies;credit Accounts Payable

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Definitions:

Trend Component

An underlying pattern in a time series data set that shows the direction and pace at which the series values change over time.

Exponentially Smoothed Values

Values obtained using exponential smoothing, a technique to forecast data by giving more weight to recent observations.

Motor Oil Sales

The commercial activity of selling oil used for lubricating the engines of vehicles.

Exponentially Smoothed Sales

A forecasting technique that applies weighting factors which decrease exponentially over time, used to smooth time series data.