Which of the Following Is the Correct Journal Entry for Freight

question 75

Multiple Choice

Which of the following is the correct journal entry for freight paid on goods purchased by a merchandiser using the periodic inventory system?

• A) \(\begin{array}{c}
• \begin{array}{|l|}
• \hline \text {Purchases}\\
• \hline \text {Accounts Payable}\\
• \hline
• \end{array}
• \end{array}\)
• B) \(\begin{array}{c}
• \begin{array}{|l|}
• \hline \text {Merchandise Inventory}\\
• \hline \text {Accounts Payable }\\
• \hline
• \end{array}
• \end{array}\)
• C) \(\begin{array}{c}
• \begin{array}{|l|}
• \hline \text {Freight In}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\\
• \hline \text {Cash }\\
• \hline
• \end{array}
• \end{array}\)
• D) \(\begin{array}{c}
• \begin{array}{|l|}
• \hline \text {Accounts Payable}\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\\
• \hline \text {Cash }\\
• \hline
• \end{array}
• \end{array}\)

Differentiate between open-ended and closed-ended questions and their respective advantages in data collection.

Recognize the significance of panel studies in longitudinal research.

Understand the application of different types of questions based on the dimensions of variables in survey research.

Grasp the importance and techniques of sampling in research methodology.

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Definitions:

Lease

A contractual agreement where one party, the lessor, grants the other party, the lessee, the right to use an asset for a specified period in exchange for payment.

Discount Rate

A rate used to determine the present value of future cash flows; in monetary policy, it refers to the interest rate charged to commercial banks for loans from a central bank.

Trust Agreement

A legal document establishing a trust and outlining the rules and guidelines that the trustees must follow in managing the trust assets for the benefit of the beneficiaries.

Present Value

The worth in present terms of a sum of money due in the future or sequences of cash receipts, using a given rate of return for discounting.