A company using a perpetual inventory system made the following entry: Debit Accounts Payable for $3,000, credit Inventory for $60, and credit Cash for $2,940. What does this entry reflect?
A. A payment within the discount period for inventory previously purchased on credit.
B. A return of inventory for credit.
C. A sale of inventory on account.
D. A purchase of inventory at a discount.
Answer: A
You might also like to view...
Susan is the owner of residential premises which have been rented to Michael. Janice a
friend of Michael tripped and fell on a broken rail, fracturing her leg in the process. Prior to the incident, Michael had advised Susan on repeated occasions, of the need to make repairs to the rail, all to no avail. Under principles of occupiers' liability law, which of the following will be liable to compensate Susan for her injuries? A) local municipality B) No one as Janice assumed all risk of visiting the premises C) Susan D) Michael E) Both Susan and Michael
Animals such as pets are considered to be tangible personal property
Indicate whether the statement is true or false
The supply chain includes
A. producers, wholesalers, and retailers. B. suppliers, producers, intermediaries, and customers. C. suppliers and suppliers' suppliers. D. all entities that facilitate product distribution. E. buyers, sellers, marketing intermediaries, and agents.
A buffer overflow error is not likely to lead to eventual program termination
Indicate whether the statement is true or false.