The Entry to Record the Purchase on Account of Merchandise

question 78

Multiple Choice

The entry to record the purchase on account of merchandise for resale under the periodic inventory system includes

• A) debiting Purchases and crediting Cash.
• B) debiting Purchases and crediting Accounts Payable.
• C) debiting Merchandise Inventory and crediting Cash.
• D) debiting Merchandise Inventory and crediting Accounts Payable.

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