An Electronics Retailer Purchases $25,000 of Computers on Account for Resale.The

question 44

Multiple Choice

An electronics retailer purchases $25,000 of computers on account for resale.The retailer returns $5,000 of computers to the supplier and receives a credit on their account.Under a perpetual inventory system the journal entry to record the returned goods will include:

• A)$5,000 will be debited to Purchases Returns and $5,000 will be credited to Accounts Payable.
• B)$5,000 will be debited to Accounts Payable and $5,000 will be credited to Inventory.
• C)$25,000 will be debited to Accounts Payable and $25,000 will be credited to Inventory.
• D)$20,000 will be credited to Inventory and $20,000 will be credited to Purchases.

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Definitions:

Ebbinghaus

Hermann Ebbinghaus was a German psychologist known for his pioneering work on memory, particularly the discovery of the forgetting curve, which describes the rate at which information is lost over time if there is no attempt to retain it.

Working Memory

A cognitive system responsible for temporarily holding information available for processing, critical for reasoning and the guidance of decision-making and behavior.

Estrogen

A group of steroid hormones that play a crucial role in the development and regulation of the female reproductive system and secondary sex characteristics.

Hippocampus

A major component of the brain located in the medial temporal lobe, important for learning and memory.