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rate of 8%. The journal entry for the purchase of the merchandise using a perpetual inventory system would be: O Accounts Payable 35,000 Merchandise Inventory O Merchandise Inventory Notes Payable ο ο ο O Merchandise Inventory Accounts Payable O Notes Payable Merchandise Inventory 35,000 35,000 35,000 35,000 35,000 35,000 35,000

rate of 8%. The journal entry for the purchase of the merchandise using a perpetual inventory system would be: O Accounts Payable 35,000 Merchandise Inventory O Merchandise Inventory Notes Payable ο ο ο O Merchandise Inventory Accounts Payable O Notes Payable Merchandise Inventory 35,000 35,000 35,000 35,000 35,000 35,000 35,000

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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On November 1, 2025, Ashton, Inc. purchased merchandise inventory for $35,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 8%. The journal entry for the purchase of the merchandise using a perpetual inventory system would be: Accounts Payable 35,000 Merchandise Inventory Merchandise Inventory Notes Payable O Merchandise Inventory Accounts Payable Notes Payable Merchandise Inventory 35,000 35,000 35,000 35,000 35,000 35,000 35,000
Transcribed Image Text:On November 1, 2025, Ashton, Inc. purchased merchandise inventory for $35,000 by signing a note payable. The note is for 6 months and bears interest at a rate of 8%. The journal entry for the purchase of the merchandise using a perpetual inventory system would be: Accounts Payable 35,000 Merchandise Inventory Merchandise Inventory Notes Payable O Merchandise Inventory Accounts Payable Notes Payable Merchandise Inventory 35,000 35,000 35,000 35,000 35,000 35,000 35,000
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