Avery Supplies Uses a Periodic Inventory System

question 37

Multiple Choice

Avery Supplies uses a periodic inventory system. Avery purchased $10,000 of inventory on account. The terms were 3/10, n/30. The purchase was made on February 1. Avery paid the supplier on February 9. Which of the following journal entries properly records this payment transaction?

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Definitions:

Insurance Fraud

The act of deliberately deceiving or misrepresenting information to an insurance company for financial gain.

Client-Centered Therapy

A form of psychotherapy developed by Carl Rogers, focusing on the individual's self-perceived world and unconditional positive regard.

Nonjudgmental Acceptance

Embracing individuals' experiences and feelings without assessing them as good or bad.

Unconditional Positive Regard

A concept in client-centered therapy implying complete acceptance and support of a person no matter what they say or do.