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

question 32

Multiple Choice

In a periodic inventory system, the entry to record the taking of a cash discount for the purchase of merchandise would include a:

• A)credit to Purchase Discounts
• B)credit to Inventory
• C)debit to Purchase Discounts
• D)credit to Purchase Returns and Allowances.

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Definitions:

Cochlea's Hair Cells

Sensory cells located in the cochlea of the inner ear that transform sound vibrations into electrical signals for hearing.

Audition

The sense or act of hearing, through which sound is perceived.

Kinesthesia

The awareness that feels the position, weight, or activity of the muscles, tendons, and joints in the body.

Top-Down Processing

An information processing approach where perception begins with the brain, applying what it knows or expects to perceive and interpret the information from that top-level down.