A Firm Using the Perpetual Inventory Method Returned Defective Merchandise

question 148

Multiple Choice

A firm using the perpetual inventory method returned defective merchandise costing $2,000 to one of its suppliers. The entry to record this transaction will include a debit to

• A) Accounts Receivable
• B) Inventory
• C) Purchase Returns
• D) Accounts Payable

Learn the basics of table relationships and how to establish them within queries.

Comprehend the use of wildcards and special characters in queries.

Identify and use various Access tools and features for database management.

Understand the components and functions of accounting information systems.

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Definitions:

Sugar

A general term for sweet-tasting, soluble carbohydrates, many of which are used in food.

Monosaccharides

Simple sugars that are the most basic form of carbohydrates, serving as energy sources and building blocks for more complex sugars.

Disaccharides

Carbohydrates composed of two monosaccharide molecules bonded together, such as sucrose and lactose, which are used by organisms as energy sources.

Polysaccharide

A carbohydrate molecule consisting of long chains of monosaccharide units bound together by glycosidic linkages.