Identify the Journal Entry Required to Correctly Record the Following

question 2

Multiple Choice

Identify the journal entry required to correctly record the following transaction. Purchased goods on credit.

• A) DR Inventory
• CR Accounts payable
• B) DR Inventory
• CR Accounts receivable
• C) DR Accounts receivable
• CR Inventory
• D) DR Purchases
• CR Cash at bank

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Definitions:

Economic Performance

A measurement of how well an economy is doing, based on factors like GDP growth, unemployment rates, and inflation.

Social Performance

The measurement and assessment of a company or organization's impact on its stakeholders and society at large, considering social, environmental, and economic factors.

Environmental Performance

Relates to how well an organization performs in managing and reducing its environmental impacts.

Clean Water Act

A comprehensive federal law in the United States, enacted in 1972, regulating the discharge of pollutants into the nation's waters and setting water quality standards.