Mack Industries Uses the Periodic Inventory System

question 88

Multiple Choice

Mack Industries uses the periodic inventory system. What is the entry to record a $450 merchandise purchase on account from Nickel Corporation?

• A) Debit Accounts Payable for $450; credit Sales for $450.
• B) Debit Purchases for $450; credit Accounts Payable for $450.
• C) Debit Purchases for $450; credit Merchandise Inventory for $450.
• D) Debit Merchandise Inventory for $450; credit Accounts Payable for $450.

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