Avery Supplies Uses a Periodic Inventory System B) C) D) $$\begin{array} { | c | r | r | } \hline \text { Accounts Payable } & 400 & \\\hline \text { Cash } & & 400 \\\hline\end{array}$$

question 54

Multiple Choice

Avery Supplies uses a periodic inventory system. Avery purchased $10,000 of inventory on account. The terms were 3/10, n/30. The purchase was made on February 1. On February 2, Avery returned $400 of damaged goods to the supplier and was granted an allowance. How should Avery properly record the allowance?

• A) \[\begin{array} { | r | r | r | }
• \hline \text { Accounts Payable } & 400 & \\
• \hline \text { Purchase Returns and Allowances } & & 400 \\
• \hline
• \end{array}\]
• B) \(\begin{array}{|l|l|cc|}
• \hline \text {Accounts Payable \quad\quad\quad\quad } & \text { \quad\quad9,600 } & \text { }\\
• \hline \text { Purchase Discounts } & \text {\quad\quad\quad\quad400 } & \text { }\\
• \hline \text { Purchases } & \text { } & \text { \quad\quad\quad10,000 }\\
• \hline
• \end{array}\)
• C) \[\begin{array} { | c | r | r | }
• \hline \text { Accounts Payable } & 10,000 & \\
• \hline \text { Cash } & & 9,600 \\
• \hline \text { Purchase Returns and Allowances } & & 400 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | r | r | }
• \hline \text { Accounts Payable } & 400 & \\
• \hline \text { Cash } & & 400 \\
• \hline
• \end{array}\]

Learn the operational advantages of multinational organizations in cost-cutting and market understanding.

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Explain the methodology, benefits, and limitations of the double-blind procedure in experimental designs.

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Definitions:

Conditioned Response

A learned response to a previously neutral stimulus that has been repeatedly presented alongside an unconditioned stimulus that elicits an automatic response.

Conceptual Thought

The ability to engage in complex, abstract thinking, often involving the manipulation of ideas and solving problems.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or otherwise sensed, a crucial developmental milestone in infants.

Symbolic Thought

The ability to use symbols, language, or objects to represent something that is not physically present, a key aspect of human language and cognition.