On July 10,a Hardware Retailer Purchased Merchandise Inventory on Account

question 96

Multiple Choice

On July 10,a hardware retailer purchased merchandise inventory on account for $2,300.The company plans to pay $1,700 the following week and the remaining amount the week after.Which of the following is the correct entry to record this transaction in a purchases journal? Assume a perpetual inventory system is used.

• A)$1,150 will be recorded in the Accounts Payable CR and Merchandise Inventory CR column.
• B)$4,000 will be recorded in the Accounts Payable DR and Merchandise Inventory DR column.
• C)$2,300 will be recorded in the Merchandise Inventory CR and Accounts Payable DR column.
• D)$2,300 will be recorded in the Accounts Payable CR and Merchandise Inventory DR column.

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Definitions:

Biconditional

A logical connective indicating a statement in which two conditions are both necessary and sufficient for each other.

Disjunctions

Logical operators that represent the relationship "or" between two elements, propositions, or sets, implying that at least one of the elements is true.

Negation

In logic, negation refers to the operation of changing a statement's truth value from true to false, or vice versa.

Disjunction

A logical operation that yields true if at least one of its operands is true.