Erin Corporation purchases $500 of merchandise on credit. Using the periodic inventory approach, Erin would record this transaction as: $\begin{array}{lll}
\text { a. Inventory } & 500 & \
\quad\quad\text { Accounts Payable } & & 500 \
\text { b. Accounts Payable } & 500 & \
\quad\quad\text { Purchases } && 500 \
\text { c. Purchases } & 500 \
\quad\quad\text { Accounts Payable } && 500 \
\text { d. Accounts Payable } & 500 \
\quad\quad\text { Inventory } && 500
\end{array}$

Question

Erin Corporation purchases $500 of merchandise on credit. Using the periodic inventory approach, Erin would record this transaction as: $\begin{array}{lll}
\text { a. Inventory } & 500 & \
\quad\quad\text { Accounts Payable } & & 500 \
\text { b. Accounts Payable } & 500 & \
\quad\quad\text { Purchases } && 500  \
\text { c. Purchases }  & 500 \ 
\quad\quad\text { Accounts Payable } && 500 \
\text { d. Accounts Payable } & 500  \ 
\quad\quad\text { Inventory } && 500  
\end{array}$

Quizplus · Accepted Answer

The Answer of Erin Corporation purchases $500 of merchandise on credit. Using the periodic inventory approach, Erin would record this transaction as: $\begin{array}{lll}
\text { a. Inventory } & 500 & \
\quad\quad\text { Accounts Payable } & & 500 \
\text { b. Accounts Payable } & 500 & \
\quad\quad\text { Purchases } && 500  \
\text { c. Purchases }  & 500 \ 
\quad\quad\text { Accounts Payable } && 500 \
\text { d. Accounts Payable } & 500  \ 
\quad\quad\text { Inventory } && 500  
\end{array}$

Erin Corporation Purchases $500 of Merchandise on Credit