The journal entry to record a purchase of inventory on credit under the perpetual system includes:
A) a credit to Merchandise Inventory.
B) a debit to Cash.
C) a credit to Accounts Payable.
D) Both A and C are correct.
Correct Answer:
Verified
Q1: The journal entry to record the purchase
Q3: The company returned $500 of damaged merchandise
Q4: Mack Industries uses the periodic inventory system.
Q5: Mack Industries uses the periodic inventory system.
Q6: The journal entry to record the return
Q7: Merchandise Inventory is recorded on the:
A) Balance
Q8: Which of the following accounts is used
Q9: _ accounts for merchandise inventory on a
Q10: Under the perpetual inventory system, in addition
Q11: Mack Industries uses the perpetual inventory system.
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