A Firm Uses the Periodic Inventory Method

question 17

Multiple Choice

A firm uses the periodic inventory method.Which of the following entries would be made to record a purchase of inventory on credit?

• A)The accounting entry would be a debit to Accounts payable,a credit to Inventory and a credit to GST clearing.
• B)The accounting entry would be a debit to Inventory,a debit to GST clearing and a credit to Accounts payable.
• C)The accounting entry would be a debit to Accounts payable,a credit to Purchases and a credit to GST clearing.
• D)The accounting entry would be a debit to Purchases,a debit to GST clearing and a credit to Accounts payable.

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Definitions:

Cultural Characteristics

Traits, values, or norms that define and distinguish a particular culture or society.

Livestock

Livestock refers to domesticated animals raised in an agricultural setting to produce commodities such as meat, milk, and fiber, or to perform labor.

Urban Areas

Regions characterized by high population density and vast human features in comparison to areas surrounding them, often serving as the economic and cultural hubs of a country.

Racist Imagery

Visual or symbolic representations that perpetuate stereotypes or discrimination against individuals or groups based on race.