Bethany Industries Purchased $3,000 of Merchandise Inventory,paying Cash for 20

question 14

Multiple Choice

Bethany Industries purchased $3,000 of merchandise inventory,paying cash for 20% of the purchase,with the remainder on account.The entry would include a

• A)debit to Cash for $600,debit to Accounts Payable for $2,400,and credit to Merchandise Inventory for $3,000.
• B)debit to Cash for $800,debit to Notes Payable for $2,200,and credit to Merchandise Inventory for $3,000.
• C)debit to Merchandise Inventory for $3,000,credit to Cash for $600,and credit to Notes Payable for $2,400.
• D)debit to Merchandise Inventory for $3,000,credit to Cash for $600,and credit to Accounts Payable for $2,400.
• E)debit to Merchandise Inventory for $600,and credit to Cash for $600.

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Definitions:

Backward Bending

Refers to the backward bending supply curve of labor, indicating that higher wages can lead to a decrease in labor supply beyond a certain point.

Corinthian Column

A classical column style characterized by its ornate capital decorated with acanthus leaves, used in Greek and Roman architecture.

Choragic Monument

An architectural structure built in ancient Greece to commemorate a victory in a choragic contest, a musical or dramatic performance.

Tholos

A tholos is a type of ancient Greek and Roman building characterized by a circular shape, often with a conical or dome-shaped roof.