At What Amount Will Johnson Record the Inventory Purchased on February

question 90

Multiple Choice

At what amount will Johnson record the inventory purchased on February 1, 2010?

• A)$210,000
• B)$200,000
• C)$180,000
• D)$190,000 In 2009, loss of $20,000 recognized ($200,000 - 180,000) and liability established for the estimated loss on purchase commitment.When the inventory is purchased for $200,000, the following journal entry records the transaction:

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Definitions:

Initializing Statements

Code segments used at the beginning of a program or function to set initial values for variables.

Repetition Loop

A repetition loop is a programming construct that repeats a block of code multiple times, based on a condition, such as for, while, or do-while loops.

Semicolons

Punctuation marks used in several programming languages as terminators, signaling the end of a statement.

For Statement

A control flow statement in programming used to execute a sequence of instructions a certain number of times.