A Company Uses the Perpetual Inventory System and Recorded the Following

question 32

Multiple Choice

A company uses the perpetual inventory system and recorded the following entry: $\begin{array}{|l|r|r|}\hline \text { Accounts Payable } & 2,500 & \\\hline \text { Merchandise Inventory } & & 50 \\\hline \text { Cash } & & 2,450 \\\hline\end{array}$ This entry reflects a:

• A)Purchase of merchandise on credit.
• B)Return of merchandise.
• C)Sale of merchandise on credit.
• D)Payment of the account payable less a 2% cash discount taken.
• E)Payment of the account payable less a 1% cash discount taken.

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Definitions:

Medial

Pertaining to or situated toward the midline of the body or an organ.

Lateral

Pertaining to or situated at the side.

Abdominopelvic Cavity

A body cavity comprising the abdominal and pelvic cavities, housing major organs of digestion, reproduction, and excretion.

Pathophysiology

The study of how disease processes affect the function of the body.