If a Company Is Using a Periodic Inventory System, Which $\quad 10,000$

question 60

Multiple Choice

If a company is using a periodic inventory system, which of the following entries is the correct journal entry to record the purchase of $10,000 of merchandise on account?
A. Dr. Inventory $\quad 10,000$
$\quad$ Cr. Accounts payable $\quad 10,000$
B. Dr. Inventory $\quad$ 10,000
$\quad$ Cr. Purchases $\quad$ 10,000
C. Dr. Purchases $\quad 10,000$
$\quad$ Cr. Inventory $\quad$ 10,000
D. Dr. Purchases $\quad 10,000$
$\quad$ Cr. Accounts payable $\quad$ 10,000

• A)Option A
• B)Option B
• C)Option C
• D)Option D

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Definitions:

UCC

Denotes the Uniform Commercial Code, an extensive series of statutes that regulate every commercial transaction across the United States.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that provides a uniform set of rules for the international sale of goods.

General Personal Jurisdiction

The authority of a court to hear any case brought against a defendant based on their overall activities within the jurisdiction, not just those related to the specific legal action.

Specific Personal Jurisdiction

A legal term referring to a court's power to decide a lawsuit involving a defendant based on actions that took place within the territory of the court.