A Firm That Uses the Perpetual Inventory Method Purchases Inventory

question 111

Multiple Choice

A firm that uses the perpetual inventory method purchases inventory of $1 000 on credit, including GST, with terms of 2/10, n/30. Which of the following entries would be made to record the payment if it is made within 10 days?

• A)$980 debit to Accounts payable, a $20 debit to Inventory and a $1 000 credit to Cash
• B)$18.18 debit to Inventory, a $1.82 debit to GST Clearing, a $1 000 debit to Accounts payable and a $1 020 credit to Cash
• C)$1 000 debit to Accounts payable and a $1 000 credit to Cash
• D)$1 000 debit to Accounts payable, a $18.18 credit to Inventory, a $1.82 credit to GST Clearing and a $980 credit to Cash

Understand different socialization tactics and their impact on organizational behavior.

Analyze the outcomes of various mentoring strategies on career success.

Identify the psychosocial and career functions of mentoring within organizations.

Recognize the benefits and drawbacks of formal and informal mentoring programs.

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Definitions:

Free Black Men

African American men who were not enslaved, focusing on their lives, rights, and contributions to society during various historical periods.

Voting

The act of formally expressing one's choice or opinion in an election or decision-making process.

1860

The year notable for the election of Abraham Lincoln as President of the United States, leading up to the Civil War.