A Merchandiser Purchased Inventory on Account for $10,000

question 79

Multiple Choice

A merchandiser purchased inventory on account for $10,000. Under the periodic inventory system, the journal entry to record purchases would include:

• A)a debit to Purchases for $10,000 and a credit to Accounts Payable for $10,000.
• B)a debit to Accounts Payable for $10,000 and a credit to Purchases for $10,000.
• C)a debit to Merchandise Inventory for $10,000 and a credit to Accounts Payable for $10,000.
• D)a debit to Accounts Payable for $10,000 and a credit to Merchandise Inventory for $10,000.

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Definitions:

Personal Loss

The experience of losing something significantly valuable to an individual, such as a loved one, job, or personal belonging, leading to grief and sorrow.

Unfreezing Process

The initial phase in change management where existing patterns are destabilized to prepare for transformation.

Fear

An unpleasant emotion caused by the belief that someone or something is dangerous, likely to cause pain, or a threat.

Major Obstacles

Significant barriers or challenges that hinder progress or achievement.