A Merchandiser Purchased Inventory on Account for $18,000

question 23

Multiple Choice

A merchandiser purchased inventory on account for $18,000.Under the periodic inventory system,the journal entry to record the purchase would include ________.

• A)a debit to Purchases for $18,000 and a credit to Accounts Payable for $18,000
• B)a debit to Accounts Payable for $18,000 and a credit to Purchases for $18,000
• C)a debit to Merchandise Inventory for $18,000 and a credit to Accounts Payable for $18,000
• D)a debit to Accounts Payable for $18,000 and a credit to Merchandise Inventory for $18,000

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Definitions:

Benthic Zone

The ecological region at the lowest level of a body of water such as an ocean, lake, or stream, including the sediment surface and sub-surface layers.

Lake

Body of fresh water, often classified by nutrient status, such as oligotrophic (nutrient-poor) or eutrophic (nutrient-rich).

Stream

A small, natural body of flowing fresh water, leading from one to another or into a larger body of water.

Worldwide Distribution

The global spread or availability of a product, service, or phenomenon across the world.