In a Typical Purchases Journal,you Would Expect to See the Following

question 102

Multiple Choice

In a typical purchases journal,you would expect to see the following columns:

• A)Accounts payable dr.
• B)Purchase discounts cr.
• C)Accounts receivable cr.
• D)Inventory dr.(if perpetual method used).
• E)Cost of Goods Sold dr.(if perpetual method used).

---

Definitions:

Law of Diminishing

The principle that states that as one input variable is incrementally increased, there will be a point at which the added output per unit of input will start to decrease, holding all other inputs constant.

Price-elasticity

A measure of how much the quantity demanded or supplied of a good responds to a change in its price.

Digital Media

A form of media that uses digital technology for distribution and presentation of content.

iPads

A line of tablet computers designed and marketed by Apple Inc., which run the iOS and iPadOS mobile operating systems.