The Proper Journal Entry to Record the Receipt of Inventory

question 206

Multiple Choice

The proper journal entry to record the receipt of inventory purchased on account in a periodic inventory system would be

• A)Jan. 1 Merchandise Inventory 1,600Accounts Payable 1,600
• B)Jan. 1 Office Supplies 1,600Accounts Payable 1,600
• C)Jan. 1 Purchases 1,600Accounts Payable 1,600
• D)Jan. 1 Purchases 1,600Accounts Receivable 1,600

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Definitions:

Institutionalized

The process of establishing something as a norm or standard in an organization or culture, or becoming adapted to life in an institution.

1960s

A decade from 1960 to 1969 characterized by significant cultural, social, and political changes worldwide.

African Americans

A racial or ethnic group in the United States with ancestry primarily from sub-Saharan Africa.

Civil Commitment

A legal process through which individuals with severe mental illnesses can be court-ordered to receive treatment, usually when they're considered a danger to themselves or others.