A Company That Uses the Perpetual Inventory System Purchased Inventory $$\begin{array} { | l | r | r | } \hline \text { Cash } & 970,000 & \\\hline \text { Accounts Payable } & & 970,000 \\\hline\end{array}$$

question 34

Multiple Choice

A company that uses the perpetual inventory system purchased inventory for $970,000 on account with terms of 3/7, n/20. Which of the following correctly records the payment made 15 days after the date of invoice?

• A) \[\begin{array} { | l | r | r | }
• \hline \text { Cash } & 970,000 & \\
• \hline \text { Accounts Payable } & & 970,000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | r | r | }
• \hline \text { Accounts Payable } & 970,000 & \\
• \hline \text { Merchandise Inventory } & & 970,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | r | r | }
• \hline \text { Accounts Payable } & 970,000 & \\
• \hline \text { Cash } & & 970,000 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts Payable } & 970,000 & \\
• \hline \text { Merchandise Inventory } & & 29,100 \\
• \hline \text { Cash } & & 940,900 \\
• \hline
• \end{array}\]

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Definitions:

Simulated Conflicts

Artificially created disputes or arguments used for training purposes to develop conflict resolution and problem-solving skills.

Inverted Funnel Sequence

A questioning sequence that begins with closed questions and proceeds to more open questions.

Funnel Sequence

A questioning sequence that begins with broad, open questions and proceeds toward more closed questions.

Candidates' Personalities

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