Upland Company purchases $4,000 of inventory,paying cash for 25% of the cost and putting the rest on open account.Upland Company should debit ________.
A) Cash for $1,000,debit Accounts Payable for $3,000 and credit Inventory for $4,000
B) Cash for $1,000,debit Note Payable for $3,000 and credit Inventory for $4,000
C) Inventory for $4,000,credit Cash for $1,000 and credit Note Payable for $3,000
D) Inventory for $4,000,credit Cash for $1,000 and credit Accounts Payable for $3,000
Correct Answer:
Verified
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