Morgan,Inc $\begin{array}{|l|r|r|}\hline \text { Merchandise Inventory } & 15,000 & \\\hline \text { Accounts Payable } & & 15,000 \\\hline\end{array}$

question 63

Multiple Choice

Morgan,Inc.uses a perpetual inventory system and the net method of recording purchases.On May 12,a merchandise purchase of $15,000 was made on credit,2/10,n/30.The journal entry to record this purchase is:

• A) \(\begin{array}{|l|r|r|}
• \hline \text { Merchandise Inventory } & 15,000 & \\
• \hline \text { Accounts Payable } & & 15,000 \\
• \hline
• \end{array}\)
• B) \(\begin{array}{|l|r|l|}
• \hline \text { Accounts Payable } & 15,000 & \\
• \hline \text { Merchandise Inventory } & & 15,000 \\
• \hline
• \end{array}\)
• C) \(\begin{array}{|l|r|r|}
• \hline \text { Purchases } & 15,000 & \\
• \hline \text { Accounts Payable } & & 15,000 \\
• \hline
• \end{array}\)
• D) \(\begin{array}{|l|r|r|}
• \hline \text { Purchases } & 14,700 & \\
• \hline \text { Accounts Payable } & & 14,700 \\
• \hline
• \end{array}\)
• E) \(\begin{array}{|l|r|r|}
• \hline \text { Merchandise Inventory } & 14,700 & \\
• \hline \text { Accounts Payable } & & 14,700 \\
• \hline
• \end{array}\)

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Definitions:

Randomly

Without method or conscious decision, in a way that appears unsystematic.

Reflective Judgment

The process of critically evaluating the validity of various claims and evidence before forming a conclusion.

Variety of Sources

Refers to obtaining information, materials, or data from multiple and diverse origins or points of origin.

Opinions

Personal views, judgments, or beliefs about a particular topic, which can vary widely between individuals.