Under the Periodic Inventory System, the Journal Entry to Record

question 210

Multiple Choice

Under the periodic inventory system, the journal entry to record the purchase of merchandise inventory will include a debit to

• A) Merchandise Inventory
• B) Purchases
• C) Accounts Payable
• D) Cost of Merchandise Purchased

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Definitions:

Deadlocked

A situation in negotiations, discussions, or decision-making processes where no progress can be made due to disagreement.

Prima Facie

In legal terminology, this means on the face of it or at first glance, indicating evidence that is sufficient to establish a fact unless disproven by contrary evidence.

Disparate-Treatment Discrimination

A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.

Discrimination

Discriminatory behavior that unfairly disadvantages various groups based on their race, age, or gender.