In a Perpetual Inventory System,two Entries Are Normally Made to Record

question 105

Multiple Choice

In a perpetual inventory system,two entries are normally made to record each sales transaction.The purpose of these entries is best described as follows:

• A)One entry recognizes the sales revenue and the other recognizes the cost of goods sold.
• B)One entry records the purchase of merchandise and the other records the sale.
• C)One entry records the cost of goods sold and the other reduces the balance in the Inventory account.
• D)One entry updates the subsidiary ledger and the other updates the general ledger.

Understand the facial feedback hypothesis and its implications for emotional experience.

Analyze how cognitive appraisal influences emotional response.

Analyze and differentiate between concepts of physical arousal, labeling in emotions, and cognitive appraisals.

Comprehend the facial feedback hypothesis and its effects on emotional experiences.

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Definitions:

Cash Receipts

Money received by a business during a given period, from activities such as sales, services, loans, or equity infusions.

Cash Sales

Transactions in which customers pay for goods or services at the time of purchase with cash.

Cash Register

A device, either mechanical or electronic, designed to record and compute transactions where sales occur.

Internal Control

Systems and processes implemented by a company to ensure the reliability of financial reporting, compliance with laws and regulations, and efficiency of operations.