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:

Psychotherapy

A therapeutic treatment involving psychological methods, principally when based on regular personal interaction with adults, to help a person change behavior and overcome problems in desired ways.

Biomedical Therapy

Treatments for mental disorders that involve physiological interventions, such as medication, surgical procedures, or electroconvulsive therapy.

Lithium

Lithium is a chemical element often used in the treatment of bipolar disorder to help stabilize mood and reduce the severity of mood swings.

Bipolar Disorder

Bipolar Disorder is a psychiatric condition characterized by significant mood swings, including manic highs and depressive lows.