ALCO uses the periodic inventory system purchases $20,000 worth of inventory on account. Which of the following journal entries should be made at the time of purchase?

Select one:

a. Dr Inventory $20,000, Cr Accounts Payable $20,000

b. Dr Purchases $20,000, Cr Cash $20,000

c. Dr Inventory $20,000, Cr Cash $20,000

d. Dr Purchases $20,000, Cr Accounts Payable $20,000