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26) th March 2019, Max business purchased RO 60,000 with credit terms of 2/10, n30 and shipping terms FOB shipping point. What is the journal entry to record the above in the books of buyer under Perpetual inventory system? a. Account payable RO 60,000 Dr / Merchandise inventory RO 60,000 Cr b. Purchases RO 60,000 Dr / Account payable RO 60,000 Cr c. Account payable RO 60,000 Dr / Purchases RO 60,000 Cr d. Merchandise inventory RO 60,000 Dr / Account payable RO 60,000 Cr

26) th March 2019, Max business purchased RO 60,000 with credit terms of 2/10, n30 and shipping terms FOB shipping point. What is the journal entry to record the above in the books of buyer under Perpetual inventory system? a. Account payable RO 60,000 Dr / Merchandise inventory RO 60,000 Cr b. Purchases RO 60,000 Dr / Account payable RO 60,000 Cr c. Account payable RO 60,000 Dr / Purchases RO 60,000 Cr d. Merchandise inventory RO 60,000 Dr / Account payable RO 60,000 Cr

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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26)

th March 2019, Max business purchased RO 60,000 with credit terms of 2/10, n30 and shipping terms FOB shipping point. What is the journal entry to record the above in the books of buyer under Perpetual inventory system?
a.
Account payable RO 60,000 Dr / Merchandise inventory RO 60,000 Cr
b.
Purchases RO 60,000 Dr / Account payable RO 60,000 Cr
c.
Account payable RO 60,000 Dr / Purchases RO 60,000 Cr
d.
Merchandise inventory RO 60,000 Dr / Account payable RO 60,000 Cr
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