For a Company Using a Perpetual Inventory System, the Journal

question 1

Multiple Choice

For a company using a perpetual inventory system, the journal entry to record the purchase of $3,500 of goods on account, with terms of 4/10, n/30, would include a

• A)debit to accounts payable of $3,500.
• B)credit to accounts payable of $3,360.
• C)debit to merchandise inventory of $3,360.
• D)debit to merchandise inventory of $3,500.

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