Mack Industries Uses the Perpetual Inventory System

question 22

Multiple Choice

Mack Industries uses the perpetual inventory system. What is the entry to record a $450 merchandise purchase on account from Nickel Corporation?

• A) Debit Accounts Payable for $450; credit Sales for $450.
• B) Debit Purchases for $450; credit Accounts Payable for $450.
• C) Debit Purchases for $450; credit Merchandise Inventory for $450.
• D) Debit Merchandise Inventory for $450; credit Accounts Payable for $450.

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Definitions:

Interpersonal Skills

The abilities to communicate, interact, and work well with other people, both individually and in groups.

Creativity

The ability to generate new ideas, solutions, or innovations that are original and valuable within a given context.

Employee Empowerment

A management practice of giving employees autonomy, authority, and the capability to make decisions regarding their work.

Brainstorming Sessions

Interactive meetings where participants generate creative ideas and solutions in a collaborative environment.