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:

Rituals

A set of culturally prescribed actions or behaviors.

Emotional Responses

Psychological reactions to external stimuli that involve affective components, like sadness, happiness, fear, and anger, often influencing behavior and decision-making.

Physician-Assisted Suicide

The practice where a physician provides a terminally ill patient with a prescription for a lethal dose of medication, which the patient can take to end their life.

Legal

Pertaining to the system of rules that a particular country or community recognizes as regulating the actions of its members and may enforce by the imposition of penalties.