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In the periodic inventory system, the journal entry to record a purchase of merchandise on account is: Debit Merchandise Inventory Credit Cash Debit Merchandise Inventory
- In the periodic inventory system, the journal entry to record a purchase of merchandise on account is:
- Debit Merchandise Inventory
Credit Cash
- Debit Merchandise Inventory
Credit Account Payable
- Debit Purchases
Credit Account Payable
- Debit Account Receivable
Credit Purchases
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Accounting For Non-Accountants
Authors: David Horner
10th Edition
0749472812, 978-0749472818
