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

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Definitions:

Transactions

The action of conducting business, trading, or an exchange between parties.

Buyers

Individuals or entities that purchase goods or services for personal use, resale, or as part of a business operation.

Sellers

Individuals or entities that offer goods or services for sale to consumers or other businesses.

Smart Cards

Portable memory cards with embedded integrated circuits that are capable of processing and storing data, and securely managing, transferring, and communicating information.