The Entry to Record a Purchase of $12,000 in Merchandise

question 85

Multiple Choice

The entry to record a purchase of $12,000 in merchandise assuming terms of 2/10,n/30 and a periodic inventory system would include a(n)

• A)increase to Accounts Payable for $12,000.
• B)increase to Purchases Discounts for $240.
• C)decrease to Purchases for $12,000.
• D)decrease to Accounts Payable for $11,760.

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Definitions:

Indigenous People

Refers to ethnic groups who are the original inhabitants of a given region, maintaining traditions or other aspects of an early culture that is associated with a given area.

Entrepreneurial Spirit

The motivation, creativity, and willingness to take risks in starting and managing a business venture, often leading to innovation and economic growth.

Mass Incarceration

The extensive and increasing phenomenon of imprisoning a large portion of the population, often critiqued for its disproportionate impact on minority communities.

Jim Crow

Laws or regulations in the United States that enforced racial segregation and discrimination against African Americans, predominantly in the South, from the late 19th century until the mid-20th century.