Homework SourseUnder the perpetual inventory system the purchase of merchan
Under the perpetual inventory system, the purchase of merchandise is recorded by a debit to
A merchandise inventory, credit to Accounts Payable or Cash
B Cost of Goods Sold, credit to Accounts Payable
C Purchases, credit to Accounts Payable
D Accounts Payable, credit to Purchases
Under the perpetual inventory system, the purchase of merchandise is recorded by a debit to
A merchandise inventory, credit to Accounts Payable or Cash
B Cost of Goods Sold, credit to Accounts Payable
C Purchases, credit to Accounts Payable
D Accounts Payable, credit to Purchases
A merchandise inventory, credit to Accounts Payable or Cash
B Cost of Goods Sold, credit to Accounts Payable
C Purchases, credit to Accounts Payable
D Accounts Payable, credit to Purchases
Solution
Solution: merchandise inventory, credit to Accounts Payable or Cash
Explanation:
Under the perpetual inventory system, the purchase of merchandise are debited to merchandise inventory and a credit to cash/ Accounts Payable
