On July 4,a Hardware Manufacturing Firm Purchased Inventory on Account

question 83

Multiple Choice

On July 4,a hardware manufacturing firm purchased inventory on account for $1,300.The company plans to pay $700 in the following week and the remaining amount in the week after.Which of the following is the correct entry to record this transaction in a purchases journal? Assume a perpetual inventory system is used.

• A)$650 will be recorded in the Accounts Payable CR and Merchandise Inventory CR column.
• B)$2,000 will be recorded in the Accounts Payable DR and Merchandise Inventory DR column.
• C)$1,300 will be recorded in the Merchandise Inventory CR and Accounts Payable DR column.
• D)$1,300 will be recorded in the Accounts Payable CR and Merchandise Inventory DR column.

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Definitions:

Milgram Experiment

A psychological experiment conducted by Stanley Milgram in the 1960s to study obedience to authority, where participants were instructed to administer electric shocks to another person.

Stanford University Prison Experiment

A psychological study conducted by Philip Zimbardo in 1971 at Stanford University, where students were assigned roles of prisoners and guards to explore the effects of perceived power.

Generalization

Drawing a conclusion about a certain characteristic of a population based on a sample from it.

Logical Support

The provision of reasons or evidence to justify a claim or argument.