What Is the Usual Source of Journal Entries to Record

question 2

Multiple Choice

What is the usual source of journal entries to record the purchase of inventory in the general ledger?

• A)Sales invoices updated with cost data from the inventory records department.
• B)Purchase invoices updated with cost data from the inventory records department.
• C)Bid quotes updated with cost data from the inventory records department.
• D)Receiving reports updated with cost data from the accounts payable department.

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Definitions:

Loans

A sum of money that is borrowed, which is expected to be paid back with interest.

Bureau of Labor Statistics

A U.S. government agency that collects, processes, and disseminates essential statistical data related to labor market activity, working conditions, and price changes.

Cyclical Unemployment

The deviation of unemployment from its natural rate.

Natural Rate

The rate of any economic activity that is considered to be sustainable in the long term without causing inflation; often used in the context of unemployment.