A Business Purchased Inventory for $15 000,paying $8 000 Cash

question 55

Multiple Choice

A business purchased inventory for $15 000,paying $8 000 cash and the balance of $7 000 due at the end of the following month.The debit and credit entries are:

• A) debit cash $8 000, debit accounts payable $7 000; credit inventory $15 000.
• B) debit inventory $8 0000; credit cash $8 000.
• C) debit inventory $15 000; credit cash $8 000, credit accounts payable $7 000.
• D) debit inventory $8 000; credit cash $15 000, credit accounts payable $7 000.

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Definitions:

Southern Slavery

The institution of forced labor and servitude that existed in the Southern United States until the end of the Civil War in 1865, where African Americans were held as slaves.

Historian

A professional or expert in history who studies and writes about the past, analyzing historical documents and sources.

Evidence

Information, facts, or data presented in support of an assertion, argument, or as proof in legal proceedings.

Dorr War

A short-lived armed insurrection in Rhode Island during 1842, sparked by demands for broader voting rights and political reforms.