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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
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 13MC: Which of the following accounts are used when recording the sales entry of a sale on credit? A....
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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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