Multi Corporation Sold Merchandise for $4,450 to Susan on Credit

question 75

Multiple Choice

Multi Corporation sold merchandise for $4,450 to Susan on credit. The cost of goods sold was $1,185. Assuming that the firm is following a perpetual inventory system, it will record $4,450 in the:

• A)general journal.
• B)Accounts Receivable DR, Sales Revenue CR column of the sales journal.
• C)Merchandise Inventory DR column of the purchases journal.
• D)Accounts Receivable CR column of cash receipts journal.

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Definitions:

Internal Locus

A psychological concept referring to individuals who believe they have control over their life events and outcomes.

Locus of Control

A psychological concept referring to the extent to which individuals believe they have control over the outcomes of events in their lives.

Intellectual Incompetence

A lack of intellectual capabilities to perform tasks or understand concepts that are typically within the average person's ability.

Pessimistic Outlook

An inclination to focus on the negative side of situations or to anticipate the most adverse events, indicating a dearth of belief or expectancy in positive future developments.