The Proper Journal Entry to Record the Receipt of Inventory

question 16

Multiple Choice

The proper journal entry to record the receipt of inventory purchased on account in a perpetual inventory system would be:

• A) Jan 1 Inventory 540.00 Accounts Payable 540.00
• B) Jan 1 Office Supplies 540.00 Accounts Payable 540.00
• C) Jan 1 Purchases 540.00 Accounts Payable 540.00
• D) Jan 1 Purchases 540.00 Accounts Receivable 540.00

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Definitions:

Sales Force

A group of employees in a company responsible for selling its products or services and often the primary point of contact between the company and its customers.

Hiring

Hiring refers to the process of identifying, attracting, and selecting individuals to fill job vacancies within an organization.

Advertising and Promotion

Activities aimed at communicating the values of a product or service to potential customers to influence their buying behavior.

Closing Sales

The final step in the sales process, involving overcoming objections, negotiating terms, and ultimately securing the purchase commitment from the customer.