Chancellor Company purchased merchandise worth $900 on credit,terms n/30.What is the required journal entry to record the transaction under the periodic inventory system?
A) Accounts Receivable 900
Purchases 900
B) Purchases 900
Accounts Payable 900
C) Merchandise Inventory 900
Accounts Payable 900
D) Accounts Payable 900
Merchandise Inventory 900
Correct Answer:
Verified
Q105: The entry to record a purchase of
Q110: Feathertouch Company sold merchandise worth $800 on
Q111: Under the perpetual inventory system,the entry to
Q113: Use this information to answer the
Q114: Bryan Company purchased merchandize worth $1,800 on
Q118: Use this information to answer the
Q119: Use this information to answer the following
Q120: Assuming that net cost of purchases was
Q127: Under the perpetual inventory system,in addition to
Q137: Which of the following is not considered
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents