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(16) The general ledger accountant for a company asks for help to record a certain transaction in the general ledger. The company purchased Inventory for $5,000. The purchase was made on account. What is included in the journal entry necessary to record this inventory purchase on account? ◇ Credit to accounts payable for $5,000. O Debit to cash for $5,000. ○ Credit to inventory for $5,000. Debit to accounts payable for $5,000.

(16) The general ledger accountant for a company asks for help to record a certain transaction in the general ledger. The company purchased Inventory for $5,000. The purchase was made on account. What is included in the journal entry necessary to record this inventory purchase on account? ◇ Credit to accounts payable for $5,000. O Debit to cash for $5,000. ○ Credit to inventory for $5,000. Debit to accounts payable for $5,000.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 20MC: AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting...
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(16) The general ledger accountant for a company asks for help to record a certain transaction in the general ledger. The company purchased Inventory for $5,000. The purchase was made on account. What is included in the journal entry necessary to record this inventory purchase on account? ◇ Credit to accounts payable for $5,000. O Debit to cash for $5,000. ○ Credit to inventory for $5,000. Debit to accounts payable for $5,000.
Transcribed Image Text:(16) The general ledger accountant for a company asks for help to record a certain transaction in the general ledger. The company purchased Inventory for $5,000. The purchase was made on account. What is included in the journal entry necessary to record this inventory purchase on account? ◇ Credit to accounts payable for $5,000. O Debit to cash for $5,000. ○ Credit to inventory for $5,000. Debit to accounts payable for $5,000.
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