A Company Using the Perpetual Inventory System Paid $250 Cash

question 15

Multiple Choice

A company using the perpetual inventory system paid $250 cash to have goods delivered from one of its suppliers.How would the payment of $250 for transportation-in be classified?

• A)An asset source transaction
• B)An asset use transaction
• C)An asset exchange transaction
• D)A claims exchange transaction

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Definitions:

Define Fields

The process of specifying the name and data type for each column in a database or spreadsheet.

Name Table

In databases, a name table is used to store names or identifiers, often associated with other data elements or tables for reference purposes.

Select Data Type

A command or option in programming and databases used to define the kind of data an element or variable will hold, such as integers, strings, or dates.

Save Button

A graphical user interface element that, when clicked, saves the current state of a document, file, or application.