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:

Critical Thinking Skills

The ability to analyze facts, generate and organize ideas, defend opinions, make comparisons, draw inferences, and solve problems.

Declarative Knowledge

Refers to the representation of facts and information in the mind, such as the understanding that Paris is the capital of France.

Transfer of Behaviour

The application of learned skills or behaviors from one context to another, which is a key objective in training and education.

Behaviour Modelling

A training method that involves demonstrating desired behaviors and allowing learners to practice and replicate these behaviors to learn new skills.