On June 1,Johnson Company Purchased $5,000 of Inventory on Account

question 110

Multiple Choice

On June 1,Johnson Company purchased $5,000 of inventory on account from Schmid Company on June 1.Schmid Company offers a 3% discount if payment is received within 15 days.Johnson Company records the purchase using the net method and the perpetual inventory system.Johnson Company paid for the inventory on June 30.The journal entry on June 30 by Johnson Company includes ________.

• A)a debit to Accounts Payable for $4,850
• B)a debit to Accounts Payable for $5,000
• C)a credit to Interest Expense for $150
• D)a credit to Cash for $4,850

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Definitions:

Environmental

Environmental pertains to anything related to the natural or built surroundings that affect organisms.

Preparedness

A predisposition to develop certain fears.

Stimulus Generalization

A phenomenon in which responses to one stimulus are also produced by similar stimuli.

Modeling

The process of learning by observing and imitating the behavior of others.