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

question 158

Multiple Choice

In a periodic inventory system, the entry to record the sale of $2,000 of merchandise on account with a cost of $1,400 would include a:

• A)credit to Accounts Receivable for $1,400.
• B)debit to Accounts Receivable for $2,000.
• C)debit to Cost of Goods Sold for $2,000.
• D)credit to Inventory for $1,400.

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Definitions:

Rigid And Repetitive Behavior

Patterns of behavior that are inflexible and consistently repeated, often seen in autism spectrum disorders.

Echolalia

The involuntary and repetitive mimicry or imitation of the vocalizations made by another person.

Neologism

A made-up word that has meaning only to the person using it.

Pronominal Reversal

The use of pronouns in a way contrary to the conventional norms, often seen in language development disorders.