A Company Purchased Inventory for $3,000 from a Vendor on Account,FOB

question 13

Multiple Choice

A company purchased inventory for $3,000 from a vendor on account,FOB shipping point,with terms of 2/10,n/30.The company paid $100 cash for freight in.The entry to record payment of invoice within 2 days by the purchaser would include ________.(Assume a perpetual inventory system. )

• A)a debit to Accounts Payable for $2,940 and a credit to Cash for $2,940
• B)a debit to Accounts Payable for $3,000,a debit to Merchandise Inventory for $100,and a credit to Cash for $2,900
• C)a debit to Accounts Payable for $3,000,a credit to Merchandise Inventory for $60,and a credit to Cash for $2,940
• D)a debit to Accounts Payable for $2,940,a debit to Merchandise Inventory for $60,and a credit to Cash for $3,000

Understand the relationship between arousal levels and aggression.

Recognize factors influencing bystander intervention in emergency situations.

Discuss the effectiveness of fear in persuasive messages.

Describe the concept of groupthink.

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Definitions:

Spot Market

A public market for trading financial instruments or commodities, where transactions are completed immediately upon agreement.

Forecasting Function

The process of making predictions about future events or trends based on historical data and analysis.

Revenue Management System

A strategy and software used by companies to optimize the financial results by managing pricing, inventory, and consumer accessibility.

Bulk Sales

Transactions involving the purchase or sale of large quantities of goods, typically resulting in a discount or special terms.