Smithville Furniture Sold 15 Desks,with a Cost of $7,500,for $11,250

question 3

Multiple Choice

Smithville Furniture sold 15 desks,with a cost of $7,500,for $11,250 on account.Smithville uses the periodic inventory system.Which of the following is the correct way to record this transaction?

• A) \[\begin{array} { | l | l | l | }
• \hline \text { Accounts } & \text { Debit } & \text { Credit } \\
• \hline \text { Sales Revenue } & 11,250 & \\
• \hline \text { Accounts Receivable } & & 11,250 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts } & \text { Debit } & \text { Credit } \\
• \hline \text { Accounts Receivable } & 11,250 & \\
• \hline \text { Sales Revenue } & & 11,250 \\
• \hline \text { Cost of Goods Sold } & 7,500 & \\
• \hline \begin{array} { c }
• \text { Merchandise } \\
• \text { Inventory }
• \end{array} & & 7,500 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | l | l | }
• \hline \text { Accounts } & \text { Debit } & \text { Credit } \\
• \hline \text { Accounts Receivable } & 11,25 & \\
• \hline \text { Sales Revenue } & & 11,250 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts } & \text { Debit } & \text { Credit } \\
• \hline \text { Accounts Receivable } & 11,250 & \\
• \hline \text { Sales Revenue } & & 11,250 \\
• \hline \text { Purchases } & 7,500 & \\
• \hline \begin{array} { c }
• \text { Merchandise } \\
• \text { Inventory }
• \end{array} & & 7,500 \\
• \hline
• \end{array}\]

Analyze the impact of price changes on consumption patterns through graphical analysis.

Understand the basic components and parties involved in insurance contracts.

Recognize the legal requirements for contracts related to real estate transactions.

Identify the significance and process of real estate closing and related costs.

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Definitions:

Wilhelm Wundt

Considered the father of experimental psychology, he established the first psychology laboratory at the University of Leipzig in 1879, marking the beginning of psychology as a separate science.

Psychology Laboratory

A facility specifically designed for psychological research, experiments, and the study of human behavior and cognitive processes.

Mental-health Clinic

A specialized facility offering services and support for individuals with mental health disorders, including therapy, counseling, and medication management.

William James

An American psychologist and philosopher considered one of the leading thinkers of the late 19th century, known for his works on pragmatism and functional psychology.