The entry to record this transaction would include:
Dr. Inventory $20,000
Cr. Accounts payable $20,000
What does it mean to purchase inventory on account?
Purchasing the inventory on account for $20,000 means that Ferguson corp. did not make payment for the inventory immediately, it rather purchased the inventory on credit with a promise to pay later.
As a result, the liability of Ferguson corp. has increased, specifically, the company would credit accounts payable with $20,000 such that inventory, which is the receiving account is debited with the same amount
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A tariff is a tax on exported goods, if a tariff is too high then it will increase the cost of the item so the people who are buying have to pay more.
<span>This would show that Will does not have a homothetic preference for hamburgers. Such preferences are shown to not be effected by income or scale, and since Will has changed his eating preferences based upon this new source of income, such a description would not fit this good.</span>
Answer:
D
Explanation:
WSPT assigns the highest priority to the job with the LOWEST weight/processing time ratio.
