Inventory was purchased by a business for $3 000; $2 000 was paid in cash and the rest was put on account. The journal entry will include:

Question

Quizplus · Accepted Answer

The correct journal entry for the transaction where inventory was purchased for $3,000, with $2,000 paid in cash and the remaining $1,000 put on account, would include a credit to accounts payable of $1,000. This reflects the amount that is still owed by the business for the inventory purchase.

Inventory Was Purchased by a Business for $3 000; $2