Question
The journal entry for the purchase of inventory on account using the perpetual inventory system is Date Accounts and Explanation Debit Credit A. Accounts Payable
The journal entry for the purchase of inventory on account using the perpetual inventory system is Date Accounts and Explanation Debit Credit A. Accounts Payable xxx Merchandise Inventory xxx B. Merchandise Inventory xxx Cash xxx C. Merchandise Inventory xxx Accounts Payable xxx D. Merchandise Inventory xxx Accounts Receivable xxx
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Financial Accounting Theory
Authors: William R. Scott
3rd Edition
0130655775, 9780130655776
