Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a debit to Accounts Payable debit to Merchandise Inventory credit to Merchandise Inventory credit to Sales

Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a debit to Accounts Payable debit to Merchandise Inventory credit to Merchandise Inventory credit to Sales

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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Question

Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a

debit to Accounts Payable

debit to Merchandise Inventory

credit to Merchandise Inventory

credit to Sales

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