Elkins Corporation Uses the Perpetual Inventory Method

question 13

Multiple Choice

Elkins Corporation uses the perpetual inventory method.On March 1, it purchased $10,000 of inventory, terms 2\10, n\30.On March 3, Elkins returned goods that cost $1,000.On March 9, Elkins paid the supplier.On March 9, Elkins should credit

• A)purchase discounts for $200.
• B)inventory for $200.
• C)purchase discounts for $180.
• D)inventory for $180.

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Definitions:

Biologically

Relating to the biological aspects of organisms and their functions, often in contrast to environmental or social influences.

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex.

Management Position

A role within an organization that involves leading teams or departments, overseeing operations, and making strategic decisions.

Prejudice

A preconceived opinion or judgment towards people or ideas without sufficient knowledge, often based on stereotypes or biases.