Forrest's Crab House purchased Florida stone crab on account on November 10, 2009, for a gross price of $87,000. Forrest also purchased farm-raised catfish on account on November 11, 2009 for a gross price of $25,000. The terms of both sales were 2/15, n/30. Forrest paid for the first purchase on November 19, 2009, and for the second purchase on November 30. If he uses the perpetual inventory method, his journal entry for November 19 would include:
a. a debit to Inventory for $1,740.
b. a debit to Inventory for $85,260.
c. a credit to Inventory for $1,740.
d. a credit to Accounts Payable for $87,000

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The Answer of Forrest's Crab House purchased Florida stone crab on account on November 10, 2009, for a gross price of $87,000. Forrest also purchased farm-raised catfish on account on November 11, 2009 for a gross price of $25,000. The terms of both sales were 2/15, n/30. Forrest paid for the first purchase on November 19, 2009, and for the second purchase on November 30. If he uses the perpetual inventory method, his journal entry for November 19 would include:
a. a debit to Inventory for $1,740.
b. a debit to Inventory for $85,260.
c. a credit to Inventory for $1,740.
d. a credit to Accounts Payable for $87,000

Forrest's Crab House Purchased Florida Stone Crab on Account on November