The Entry to Record a Purchase of $6,000 in Merchandise

question 42

Multiple Choice

The entry to record a purchase of $6,000 in merchandise assuming terms of 2/10, n/30 and a periodic inventory system would include a(n)

• A) increase to Accounts Payable for $6,000.
• B) increase to Purchases Discounts for $120.
• C) decrease to Purchases for $6,000.
• D) decrease to Accounts Payable for $5,880.

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Definitions:

Self-Praise

The act of expressing commendation, pride, or approval of oneself, often perceived negatively when excessive.

Paid Vacations

Employer-provided benefits allowing employees time off work with pay.

Need for Competence

An individual's inherent desire to effectively interact with their environment, demonstrating skillfulness and mastery in their tasks or activities.

Need for Power

A psychological trait described by David McClelland as the desire to influence, teach, or encourage others to achieve.