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

---

Definitions:

Capitalist Society

A socio-economic system characterized by private ownership of resources and production means, where goods and services are produced for profit in a competitive market.

Political Domination

Occurs when one group maintains power over another within a political system, often suppressing dissent and controlling resources.

Canadian International Development Agency

A former federal agency of Canada, responsible for administering foreign aid programs in developing countries.

Capitalism Spread

Refers to the global expansion and dominance of capitalist economic systems, characterized by private ownership, market competition, and the pursuit of profit.