Meranda Corporation purchases $3,500 of inventory on account from Ashley Corporation. The journal entry to record this purchase for Meranda under a perpetual inventory system is:
A) debit Inventory; credit Cash.
B) debit Accounts Payable-Ashley; credit Inventory.
C) debit Inventory; credit Accounts Payable-Meranda.
D) debit Inventory; credit Accounts Payable-Ashley.
E) debit Inventory, credit Shareholder's Equity.
Correct Answer:
Verified
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