Mack Industries uses the periodic inventory system. What is the entry to record a $450 merchandise purchase on account from Nickel Corporation?
A) Debit Accounts Payable for $450; credit Sales for $450.
B) Debit Purchases for $450; credit Accounts Payable for $450.
C) Debit Purchases for $450; credit Merchandise Inventory for $450.
D) Debit Merchandise Inventory for $450; credit Accounts Payable for $450.
Correct Answer:
Verified
Q1: The journal entry to record the purchase
Q2: The journal entry to record a purchase
Q3: The company returned $500 of damaged merchandise
Q4: 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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