StPetersburg Corporation Makes a $1,200 Purchase of Merchandise Inventory for Cash.This

question 46

Multiple Choice

St.Petersburg Corporation makes a $1,200 purchase of merchandise inventory for cash.This transaction will be recorded in the ________.

• A)cash payments journal
• B)general journal
• C)cash receipts journal
• D)purchase journal

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, contrasting with normal goods.

Substitute

A good or service that can be used in place of another good or service, often due to similarities in features or functions.

Expensive

Describing an item or service that has a high cost or price relative to its perceived value or compared to other options.

Maple Syrup

A sweet liquid made by boiling the sap of maple trees, commonly used as a topping for pancakes and waffles.