The Journal Entry to Record the Purchase of Inventory on Account

question 96

Multiple Choice

The journal entry to record the purchase of inventory on account under the periodic inventory system is:

• A)debit Inventory and credit Accounts Payable.
• B)debit Purchases and credit Accounts Payable.
• C)debit Cost of Goods Sold and credit Accounts Payable.
• D)debit Inventory and credit Cost of Goods Sold.

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Definitions:

Remarriage

The practice of entering into a new marriage following the dissolution of a previous marriage through divorce or the passing away of a spouse.

Siblings

Individuals who share at least one parent in common, including brothers and sisters, both full and half.

Noncustodial Fathers

Fathers who do not have legal custody of their child/children, and thus the children reside primarily with the other parent.

Custodial Mother

A mother who has been granted primary legal and/or physical custody of her child(ren) by a court.