Advent Company purchased $6,500 of merchandise inventory on account. Advent uses the perpetual inventory method. Which of the following entries would be required to record this transaction?

Name: Advent Company purchased $6,500 of merchandise inventory on account. Advent uses the perpetual inventory method. Which of the following entries would be required to record this transaction?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The purchase of inventory on account increases inventory(a debit) and increases accounts payable (a credit).

Advent Company Purchased $6,500 of Merchandise Inventory on Account