The Journal Entry to Record a Purchase of Inventory on Credit

question 57

Multiple Choice

The journal entry to record a purchase of inventory on credit under the perpetual system includes:

• A) a credit to Merchandise Inventory.
• B) a debit to Cash.
• C) a credit to Accounts Payable.
• D) Both A and C are correct.

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Definitions:

Daycare

A service that provides care and supervision for children, typically while their guardians are at work or otherwise engaged.

Western European Countries

Nations located in the Western part of Europe, including but not limited to France, Germany, and the United Kingdom, known for their developed economies and democratic governments.

Insecure-resistant

A type of attachment pattern in children characterized by difficulty exploring independently and displaying clinging or resistant behavior when the caregiver returns after absence.

Disorganized-disoriented

A term often used in attachment theory to describe a pattern of behavior in children who exhibit a lack of clear attachment behavior or who show confusion in the presence of their caregiver.