What Is the Journal Entry Required to Record the Ordering

question 62

Multiple Choice

What is the journal entry required to record the ordering of North's merchandise?

• A) No entry is required.
• B)
• \(\begin{array}{|l|l|l|}
• \hline & \text { Debit } & \text { Credit } \\
• \hline \text { Merchandise Inventory } & \text { CDN } \$ 686,700 & \\
• \hline \text { Accounts Pay able } & & \text { CDN } \$ 686,700 \\
• \hline
• \end{array}\)
• C)
• \(\begin{array}{|l|l|l|}
• \hline & \text { Debit } & \text { Credit } \\
• \hline \text { Merchandise Inventory } & \text { CDN } \$ 697,500 & \\
• \hline \text { Accounts Pay able } & & \text { CDN } \$ 697,500 \\
• \hline
• \end{array}\)

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Definitions:

Declarative Memory

A type of long-term memory that allows people to recall facts and events.

Procedural Memory

A type of long-term memory involved in learning and retaining the skills of performing tasks without conscious awareness of the learning process.

Analogous

Similar or comparable in some respects, allowing for understanding or drawing conclusions based on the similarities between them.

Repetition Priming

A phenomenon in psychology where the act of repeating a stimulus improves cognitive processing of that stimulus upon subsequent exposures.