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:

Visual Accommodation

The automatic adjustments made by the lenses of the eyes to bring objects into focus.

Classical Conditioning

An educational technique involving the repetitive pairing of two stimuli, which results in a reaction initially caused by the second stimulus, being eventually provoked by just the first stimulus.

Neonate

Newborn baby, particularly within the first 28 days of life outside the womb.

Blink

A rapid closing and opening of the eyelid, which is a reflex action protecting the eye from irritants and helping to spread tears over the surface of the eye.