Pi Delta Mu Sorority Purchases Food in Bulk to Feed

question 172

Multiple Choice

Pi Delta Mu sorority purchases food in bulk to feed its members living in the house. This means it is part of a(n) ____ market.

• A)producer
• B)consumer
• C)reseller
• D)institutional
• E)government

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Definitions:

Revenue Journal

A revenue journal is a record used in accounting to keep track of the sales of goods and services that generate revenue for an entity.

Accounts Receivable

Funds that are due to a company from clients for products or services provided on credit.

Fees Earned

Revenue from providing services.

Purchases Journal

The purchases journal is a specialized accounting ledger that tracks all purchase transactions of a business, including inventory purchases on credit.