Using the Perpetual Inventory System, the Purchase of Merchandise on Account

question 78

Multiple Choice

Using the perpetual inventory system, the purchase of merchandise on account would include a:

• A) debit to Merchandise Inventory and a credit to Accounts Payable.
• B) debit to Accounts Payable and a credit to Merchandise Inventory.
• C) debit to Sales and a credit to Accounts Payable.
• D) debit to Sales and a credit to Accounts Receivable.

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Definitions:

tRNA Triplet

A sequence of three nucleotides in transfer RNA that is complementary to the codon in messenger RNA and specifies an amino acid.

mRNA

Messenger RNA, a type of RNA that carries genetic information from DNA to the ribosome, where it specifies the amino acid sequence of the protein products.

5' Cap

A feature of eukaryotic mRNA consisting of a modified guanine nucleotide added to the 5' end, important for mRNA stability and translation.

mRNA Molecule

A variety of RNA responsible for transporting genetic data from DNA to the ribosome, the site of protein synthesis.