A Company Using a Perpetual Inventory System Made the Following

question 163

Multiple Choice

A company using a perpetual inventory system made the following entry: Debit Accounts Payable for $3,000,credit Inventory for $60,and credit Cash for $2,940.What does this entry reflect?

• A)A purchase of inventory at a discount.
• B)A return of inventory for credit.
• C)A sale of inventory on account.
• D)A payment within the discount period for inventory previously purchased on credit.

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Definitions:

Parallel

Existing or occurring at the same time without intersecting or directly affecting each other.

Serially

Pertaining to the sequential order in which items or events occur, one after the other.

Ecological Approach

An approach to the study of cognition emphasizing the natural contexts or settings in which cognitive activities occur and the influences such settings have on the ways cognitive activities are acquired, practiced, and executed.

Anthropology

The study of humans, human behavior, and societies in the past and present, focusing on cultural, social, and physical aspects.