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:

Tectonics

The study of the structure and motion of the Earth's crust and its large-scale processes and features.

Structural Features

The various physical shapes, formations, or attributes that make up an area or object, especially relating to geology.

Volcanic Eruptions

Explosive events where magma, ash, and gases are expelled from a volcano.

Materials

Substances or components with specific physical and chemical properties, used in the construction or manufacturing of objects.