Flynn Company Uses a Perpetual Inventory System and Had the Following

question 148

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 15?

• A) Debit Accounts Payable and credit Cash for $4,900
• B) Debit Accounts Payable for $5,000, credit Purchase Discount for $100, and credit Cash for $4,900
• C) Debit Accounts Payable for $5,000, credit Inventory for $100, and credit Cash for $4,900
• D) Debit Accounts Payable for $4,900, credit Inventory for $100, and credit Cash for $4,800

Explain the concept of escalating commitment and the reasons it can occur.

Understand the concept of the First Amendment and its implications on religious expressions in the workplace.

Grasp the principle of the full faith and credit clause and how it applies to state judgements.

Comprehend the limitations and permissions for states to collect sales tax on Internet transactions.

---

Definitions:

Simulation

The act of imitating or simulating a real-life process, system, or condition, often for study, training, or testing purposes.

Patriarchal Nature

Describes a social system in which men hold primary power and predominate in roles of political leadership, moral authority, and control of property.

Symbolic Interactionism

A sociological perspective focusing on the ways in which individuals interact with one another and derive meaning from these interactions through the use of symbols.

Common Values

Fundamental beliefs or standards shared among members of a community or society that guide behavior and social interaction.