A Company Using the Perpetual Inventory System Purchased Inventory Worth

question 141

Multiple Choice

A company using the perpetual inventory system purchased inventory worth $550,000 on account with credit terms of 2/15,n/45.Defective inventory of $60,000 was returned 3 days later,and the accounts were appropriately adjusted.If the company paid the invoice 20 days later,the journal entry to record the payment would be ________.

• A) $550,000 debit to Accounts Payable and $550,000 credit to Cash
• B) $490,000 debit to Accounts Payable and $490,000 credit to Cash
• C) $550,000 debit to Accounts Payable, $540,200 credit to Cash, and $9,800 credit to Merchandise Inventory
• D) $499,800 debit to Accounts Payable, $9,800 credit to Merchandise Inventory, and $490,000 credit to Cash

Identify and explain the concepts of teleological and mechanistic metaphysics, and the potential for viewpoints that lie in between or outside these classifications.

Detail the metaphysical views of Descartes, Spinoza, and Leibniz, focusing on substance and interaction.

Comprehend the metaphysical viewpoint of idealism, including key elements and divergences among philosophers such as Berkeley, Leibniz, Kant, Schopenhauer, and Hegel.

Critically assess and compare different metaphysical viewpoints, including the ability to defend a position or synthesize new ideas from different arguments.

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Definitions:

Over-Confidence

A psychological condition where an individual overestimates their knowledge, skill, or importance.

Noise Trader

A trader whose trades are not based on information or meaningful financial analysis.

Day Trading

The practice of buying and selling financial instruments within the same trading day, taking advantage of small price movements.

Arbitrageur

An investor who attempts to profit from price inefficiencies in different markets by simultaneously buying and selling equivalent assets.