Which of the Following Would Be Used to Record the Payment

question 124

Multiple Choice

Which of the following would be used to record the payment for purchases under the periodic system?

• A) Debit to Accounts Payable
• B) Debit to Purchase Discounts
• C) Credit to Accounts Payable
• D) Debit to Cash

---

Definitions:

Perfectly Elastic

A situation in economics where the quantity demanded or supplied changes infinitely in response to any change in price, typically represented with a horizontal demand or supply curve.

Relatively Inelastic

A term used to describe a situation where the demand or supply for a good or service is less responsive to changes in price.

Total Revenue

The total income that a company receives from its normal business activities, usually from the sale of goods and services to customers.

Inelastic Demand

A situation where the quantity demanded of a good or service changes little when its price changes.