Flynn Company Uses a Perpetual Inventory System and Had the Following

question 76

Multiple Choice

Flynn Company uses a perpetual inventory system and had the following transactions during November:
-November 6 - Purchased $5,800 of inventory on account, terms 2/10, n/30.
-November 8 - Returned $800 of defective units and received full credit.
-November 15 - Paid the amount due.
-Use the information above to answer the following question.What journal entry will be recorded by Flynn Company on November 8?

• A) Debit Inventory and credit Cost of Goods Sold for $800
• B) Debit Accounts Payable and credit Inventory for $800
• C) Debit Inventory and credit Accounts Payable for $800
• D) Debit Accounts Payable and credit Purchase Returns for $800

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Definitions:

Humanistic Psychology

Historically significant perspective that emphasized the growth potential of healthy people and the individual’s potential for personal growth.

Carl Rogers

An influential American psychologist who founded the humanistic approach to psychology, emphasizing the importance of free will, self-actualization, and empathy in personal development.

Abraham Maslow

A psychologist known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs.

Cognitive Psychology

A branch of psychology focused on the study of mental processes such as perception, memory, thought, and problem-solving.