What Journal Entry Is Required When Inventory Is Purchased Under $\mathrm { Cr }$

question 141

Multiple Choice

What journal entry is required when inventory is purchased under the perpetual inventory system?

• A) Dr Cost of goods sold
• \(\mathrm { Cr }\) Inventory
• B) Dr Cost of goods sold
• \(\mathrm { Cr }\) Inventory
• Cr Purchases
• C) Dr Inventory
• \(\mathrm { Cr }\) Accounts Payable
• D) Dr Purchases
• \(\mathrm { Cr }\) Accounts Payable

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Definitions:

Individualist

A person with a preference for independence and self-reliance, often prioritizing personal goals and values over group objectives.

Enacted Norms

Norms that are established through actions and behaviors rather than formally written or spoken; they evolve from a group's habits.

Custom

Established practices or behaviors that are traditional and widely accepted within a specific culture or society.

Individualism/Collectivism

Refers to a cultural dimension that emphasizes the degree to which individuals are integrated into groups, with individualism favoring personal autonomy and collectivism emphasizing interdependence.