Under the Periodic Inventory Approach an Appropriate Journal Entry to Measure

question 8

Multiple Choice

Under the periodic inventory approach an appropriate journal entry to measure closing inventory is:

• A) DR Opening inventory (cost of goods sold expense) CR Inventory (asset);
• B) DR Purchases (expense) CR Inventory (asset);
• C) DR Inventory (asset) CR Closing inventory (cost of goods sold expense);
• D) DR Purchases returns (cost of goods sold expense) CR Inventory (asset).

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Definitions:

Revolving-field-type

The revolving-field-type refers to a design in electrical machines, particularly alternators, where the magnetic field rotates around a stationary armature, inducing an alternating current.

Non-rotating Part

Components in machinery or devices that do not move around an axis, contrasting with rotating parts, typically providing structural support or enclosing moving parts.

Stator

The stationary winding of an AC motor.

Magnetic Field

A vector field surrounding magnets and electric currents, exerting force on other magnets and current-carrying conductors.