Under the Periodic Inventory System, What Is the Correct Entry

question 60

Multiple Choice

Under the periodic inventory system, what is the correct entry to record the cost of the sale of a dining suite sold to a customer for $1650 including 10% GST? (The dining suite was originally purchased on credit for $990 including GST of $90) .

• A) DR Purchases $1650; CR Sales $1650
• B) DR Purchases $900; CR Inventory $900
• C) DR Cost of sales $900; CR Inventory $900
• D) The cost of each sale is not recorded under the periodic inventory system

Distinguish between different types of goods, services, and project estimates.

Understand the role of synchronous and asynchronous communication in projects.

Grasp the concept of vendor roles and the necessity of project reserves.

Explain the impact of organization type on project management and the significance of milestone schedules.

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Definitions:

Health Education

The process by which individuals and communities are informed about the ways to improve and maintain good health through the acquisition of knowledge, skills, and attitudes.

Disaster Relief

Assistance and services provided to those affected by natural or human-made disasters to alleviate suffering and help recovery.

Administering Vaccines

The process of giving vaccine injections or oral vaccine doses to individuals to stimulate the body's immune response against specific diseases.

Moral Agency

The capacity of individuals to make ethical decisions and act upon them in the context of right and wrong.