The Journal Entry to Record the Purchase of $7,500 of Inventory

question 6

Multiple Choice

The journal entry to record the purchase of $7,500 of inventory on account under the perpetual inventory system is:

• A)debit Inventory, $7,500; credit Cash, $7,500.
• B)debit Purchases, $7,500; credit Accounts Payable, $7,500.
• C)debit Inventory, $7,500; credit Accounts Payable, $7,500.
• D)debit Cost of Goods Sold, $7,500; credit Inventory, $7,500.

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Definitions:

Inbreeding

The mating of closely related individuals, increasing the chance of offspring inheriting recessive or detrimental traits.

Genetic Bottleneck

An event that drastically reduces the size and genetic diversity of a population, influencing future generations' genetic variation.

Population Size

The sum of people living in a specified region during a specific time period.

Antagonistic Pleiotropy

A genetic situation where a single gene controls more than one trait, but those traits have opposing effects on an organism's fitness.