SCP Corporation purchased inventory on account from OBP Corporation. Which of the following occurred first?

Question

Quizplus · Accepted Answer

The first step in the transaction would have been OBP Corporation's acquisition of the inventory from their supplier. This would have been followed by SCP Corporation's purchase of the inventory on account. Therefore, the first step in OBP's acquisition/payment process would have occurred first. The other options (A, C, and D) are not directly related to the chronological order of events in the transaction.

SCP Corporation Purchased Inventory on Account from OBP Corporation