Abbott company purchased $6,500 of merchandise inventory on account. advent uses the perpetual inventory method. which of the following entries would be required to record this transaction?
a. cost of goods sold 6,500 accounts payable 6,500
b. inventory 6,500 accounts payable 6,500
c. accounts payable 6,500 purchases 6,500
d. accounts payable 6,500 inventory 6,500

The correct answer is b. Inventory 6,500 Accounts Payable 6,500

Explanation:

In accounting, an account payable is any contribution from a debtor party, which appears as a result of a purchase of goods or services in terms of credit, to a creditor party.

Even if a legal person makes a purchase without issuing the intention to pay in writing, it records the amount due as a current obligation in their accounts. Companies often incur this type of short-term debit in order to pay for their inventories, especially in industries where inventory performance is accelerated.

you can lose ranking 2 ways.

1) you don't have enough points due to you expending them by asking questions/your answers are deleted.

2) your brainliest's expired. this means that brainliests, once they exceed the 30 day limit, expires. this is to ensure that you continue to contribute into the community at a constant rank if you want to continue to have/exceed the rank you have right now.

if you go to profile, and click "show more information" located on the bottom left of the box with your information (on top of the questions answered, questions asked, and friends), you will be given the following information (example):

member since : 02/13/2017, 18: 11

questions answered: 9741

questions asked: 162

no. of brainliest answers: 1575

brainliest answers in last 30 days: 10

warnings: 0 view

questions/answers reported: 2637

questions/answers incorrectly reported: 64

look at the "brainliest answers in the last 30 days". this is the one that will affect your rank other than your points. again, once your brainliest expires (was earned 31+ days ago), it will not be counted.

~

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.