The Journal Entry to Record the Purchase of Inventory on Account

question 96

Multiple Choice

The journal entry to record the purchase of inventory on account under the periodic inventory system is:

• A)debit Inventory and credit Accounts Payable.
• B)debit Purchases and credit Accounts Payable.
• C)debit Cost of Goods Sold and credit Accounts Payable.
• D)debit Inventory and credit Cost of Goods Sold.

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Definitions:

Autokinetic Effect

A visual phenomenon where a stationary small point of light in a dark room appears to move because of involuntary eye movements.

Moving Light

Moving light refers to any source of illumination that changes its position, which can be used in various contexts such as in theatrical lighting or visual experiments.

Dark Background

A visual or metaphorical setting characterized by minimal visual stimuli, used in experimental conditions or to describe situations with little positive elements.

Autokinetic Effect

A visual illusion in which a stationary point of light in a dark room appears to move due to the lack of visual references, often used in psychological experiments on perception and conformity.