Northshore Equipment,Inc

question 14

Multiple Choice

Northshore Equipment,Inc.purchases $3,500 of inventory on account from Aspen,Co.The journal entry to record this purchase for Northshore Equipment under a perpetual inventory system is:

• A)debit Inventory;credit Cash.
• B)debit Accounts Payable-Aspen;credit Inventory.
• C)debit Inventory;credit Accounts Payable-Northshore Equipment.
• D)debit Inventory;credit Accounts Payable-Aspen.

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Definitions:

Product Mix

The complete range of products that a company offers for sale to its customers.

Product Line

A group of related products under a single brand sold by the same company, catering to a particular segment of the market.

Distribution Strategy

Deals with the marketing activities and institutions involved in getting the right good or service to the company’s customers.

Specialty Products

High-value goods or services that are distinctive in some way and are often sought after by consumers willing to make an extra effort to obtain them.