A Firm Using the Periodic Inventory Method Purchased $2,000 of Inventory

question 72

Multiple Choice

A firm using the periodic inventory method purchased $2,000 of inventory on terms 2/10, n/30. The journal entry to record this transaction would include a debit to

• A) Purchases
• B) Purchase Discounts
• C) Inventory
• D) Accounts Payable

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Definitions:

Employer

An individual or organization that hires and pays people to work for them, providing salary or wages in exchange for the employee's labor.

Human Resource Management

The strategic approach to the effective management of people in an organization, which helps businesses gain a competitive advantage. It's designed to maximize employee performance in service of the employer's strategic objectives.

Critical Industrial Relations

The study and practice of managing and improving relationships between employers and employees, particularly in contexts where conflicts or disputes might arise.

Pragmatic, Business-Like Approach

A practical and realistic method of dealing with business situations, focusing on results and efficiency instead of theory or ideals.