A Company Purchased Inventory for $2,000 from a Vendor on Account

question 42

Multiple Choice

A company purchased inventory for $2,000 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid $100 cash for freight in. The entry to record payment of invoice within 10 days by the purchaser would include: (Assume a perpetual inventory system)

• A)a debit to Accounts Payable for $1,960 and a credit to Cash for $1,960.
• B)a debit to Accounts Payable for $2,000, a debit to Merchandise Inventory for $100 and a credit to Cash for $1,960.
• C)a debit to Accounts Payable for $2,000, a credit to Merchandise Inventory for $40 and a credit to Cash for $1,960.
• D)a debit to Accounts Payable, for$1,960 a debit to Merchandise Inventory for $40 and a credit to Cash for $2,000.

Identify and explain the significance of the percentage abundance of elements in different samples, particularly in living organisms.

Describe the use and importance of radioactive isotopes in scientific studies.

Explain the differences in density between ice and liquid water.

Understand atomic structure and how it relates to the behavior of elements, including radioactivity and isotopes.

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Definitions:

Automobile

A wheeled motor vehicle used for transportation, typically powered by an internal combustion engine or electric motor.

Suburban Life

A lifestyle associated with residing in suburban areas, typically characterized by single-family homes, lower population density than urban areas, and a community-oriented environment.

Suburban Boom

The rapid expansion of suburban neighborhoods in the United States post-World War II, driven by factors like increasing automobile ownership, housing demand, and government policies.

African-Americans

An ethnic group in the United States with partial or total ancestry from any of the Black racial groups of Africa, notable for their distinct cultural, historical, and social experiences.