The Appropriate Journal Entry for the Transactions Involving the LIFO

question 102

Multiple Choice

The appropriate journal entry for the transactions involving the LIFO reserve and market value adjustments is determined by the particular situation in the firm.If LIFO inventory is greater than FIFO inventory,

• A)cost of goods sold is credited
• B)cost of goods sold is debited
• C)the allowance account is debited
• D)the allowance account is credited
• E)the LIFO reserve account is debited
• F)both A and C
• G)both B and D

---

Definitions:

MAO

Monoamine oxidase, an enzyme that breaks down neurotransmitters in the brain and is targeted by certain kinds of antidepressant drugs.

Reuptake Process

A neurological mechanism in which neurotransmitters released into the synapse are reabsorbed back into the presynaptic neuron, stopping their action on the postsynaptic neuron.

Serotonin

A neurotransmitter involved in regulating mood, anxiety, and other functions within the brain, often targeted in the treatment of depression and anxiety disorders.

Deep Brain Stimulation

A neurosurgical procedure that involves implanting electrodes within certain areas of the brain to treat neurological and psychiatric disorders.