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2. 3. Which of the following entries is the correct journal entry to record the purchase of $20,000 of merchandise on account under a periodic
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Which of the following entries is the correct journal entry to record the purchase of $20,000 of merchandise on account under a periodic inventory system? A. Dr. Inventory 20,000 Cr. Accounts payable 20,000 B. Dr. Inventory 20,000 Cr. Purchases 20,000 C. Dr. Purchases 20,000 Cr. Inventory 20,000 D. Dr. Purchases 20,000 Cr. Accounts payable 20,000 Multiple Choice Choice B Choice C Choice D Choice A Which of the following businesses is most likely to use the specific identification method? Multiple Choice Grocery store Antique bookstore Shoe store Toy store It is not optimal to borrow any additional funds when: Multiple Choice the company's debt-to-equity ratio exceeds 50%. the average borrowing costs start to equal or exceed the ROE. the company's net profit margin falls below the average borrowing costs. the average borrowing costs start to equal or exceed the ROA
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