The Journal Entry to Record the Purchase of Merchandise on Account

question 30

Multiple Choice

The journal entry to record the purchase of merchandise on account for $2,750 with freight of $125 prepaid and added to the invoice is:

• A) debit Purchases $2,750; credit Accounts Payable $2,750
• B) debit Accounts Payable $2,875, debit Freight in $125; credit Purchases $2,750
• C) debit Purchases $2,750, debit Freight In $125; credit Accounts Payable $2,875
• D) debit Accounts Receivable $2,875; credit Sales $2,875

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Definitions:

Platelets

Small blood cells that play a key role in blood clotting.

Rh Antigen

A protein found on the surface of red blood cells, determining the presence or absence of the Rh factor in blood types.

AB Negative

A rare blood type in the ABO blood system, characterized by the absence of A, B, and Rh antigens on red cells.

Blood Type

The classification of human blood based on the presence or absence of inherited antigenic substances on the surface of red blood cells.