The Journal Entry to Record the Purchase of Inventory on Account

question 96

Multiple Choice

The journal entry to record the purchase of inventory on account under the periodic inventory system is:

• A)debit Inventory and credit Accounts Payable.
• B)debit Purchases and credit Accounts Payable.
• C)debit Cost of Goods Sold and credit Accounts Payable.
• D)debit Inventory and credit Cost of Goods Sold.

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Definitions:

Adopted Sibling

An adopted sibling is a brother or sister who has become part of a family through the legal process of adoption, rather than by birth.

Emotionality

The quality or state of being emotional; the degree to which a person's behavior is influenced by emotions.

Agreeableness

A personality trait characterized by qualities of being kind, cooperative, and sympathetic toward others.

Stability

The state or quality of being resistant to change or failure; the ability to maintain a constant condition.