A Company That Uses the Perpetual Inventory System Purchased 500

question 127

Short Answer

A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $8,000 and paid $900 for the freight-in. The company sold the whole lot to a supermarket chain for $13,000 on account. Which of the following entries correctly records the sale?

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Definitions:

Imitate

The action of copying or mimicking the behaviors, actions, or expressions of another individual, a fundamental method of learning.

Disorganized-disoriented

A classification used in attachment theory, referring to a pattern of behavior observed in some children who display inconsistent, erratic responses towards caregivers, often as a result of trauma or abuse.

Mary Ainsworth

An American-Canadian developmental psychologist known for her work in the development of attachment theory.

Attachment Styles

Patterns of attachment behavior that form in early childhood and impact interpersonal relationships throughout life.