In a Periodic Inventory System, the Entry to Record the Purchase

question 152

Multiple Choice

In a periodic inventory system, the entry to record the purchase of merchandise on account would include a:

• A)debit to Accounts Payable.
• B)debit to Inventory.
• C)credit to Cash.
• D)debit to Purchases.

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Definitions:

Abolitionists

Individuals and groups dedicated to ending the practice of slavery and the slave trade.

Indian Wars

Conflicts between European settlers or the United States government and Indigenous peoples of North America, primarily during the 18th and 19th centuries, over land, resources, and sovereignty.

Wounded Knee Massacre

A tragic event in 1890, where the U.S. Army killed over 150 Lakota Sioux, including women and children, at Wounded Knee Creek in South Dakota.

Indian Allotment Act

Refers to any of several U.S. laws that allowed the government to distribute tribal land to individual Native Americans, effectively reducing communal tribal land holdings and promoting assimilation into white society.