Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If the inventory is purchased by paying business bank money, the accounting entry for this purchase will be OA. Dr. Inventory and Gr. Accounts Payable

If the inventory is purchased by paying business bank money, the accounting entry for this purchase will be OA. Dr. Inventory and Gr. Accounts Payable OB. Dr. Purchase and Cr. Bank oc. Dr. Inventory and Cr. Cash OD. Dr. Purchase and Cr. Cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Basic Principles Of Accounting A Guide For Toatal Beginners

Authors: Simon Udeh Andrew

1st Edition

979-8861488440

More Books

Students also viewed these Accounting questions