A merchandiser purchased inventory on account for $17,000. In a periodic inventory system, the journal entry to record the purchase would include ________.
A) a debit to Purchases for $17,000 and a credit to Accounts Payable for $17,000
B) a debit to Accounts Payable for $17,000 and a credit to Purchases for $17,000
C) a debit to Merchandise Inventory for $17,000 and a credit to Accounts Payable for $17,000
D) a debit to Accounts Payable for $17,000 and a credit to Merchandise Inventory for $17,000
A) a debit to Purchases for $17,000 and a credit to Accounts Payable for $17,000
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For each of the following items, insert the best term or phrase. An answer choice may be used more than once, but only one choice is the best for each descriptive phrase.
A. A trust that can accumulate rather than distribute its accounting income. B. An estate always is created upon the death of this party. C. The fiduciary in charge of an estate. D. The person who transfers assets to a trust. E. A trust whose income is taxed to the donor, not the beneficiaries. F. A synonym for executor. G. A trust whose remainder beneficiary is its grantor. H. A trust that is required to distribute annual accounting income. I. A trust whose income can be distributed to beneficiaries and in amounts at the trustee’s discretion. J. The fiduciary in charge of a trust.
Which of the following types of laboratory tests is implemented by counting the number of syllables per 100 words, the length of sentences, and other structural aspects of the copy?
A) consumer jury B) portfolio test C) theater test D) readability test
Useful information, including details about a company's financial history, industry data, and credit ratings is available from
A) the SEC. B) Standard & Poor's. C) The Wall Street Journal. D) a company's website.
Common allocation bases are
A. direct labor dollars, direct labor hours, and direct material dollars B. direct labor dollars, direct labor hours, and machine hours C. direct labor dollars, direct labor hours, and machine dollars D. machine dollars, direct labor dollars, and direct labor hours