On April 1,a Hardware Retailer Purchases Inventory on Account for $1500.Which

question 88

Multiple Choice

On April 1,a hardware retailer purchases inventory on account for $1500.Which of the following correctly describes the effect of this transaction? Assume a perpetual inventory system is used.

• A)Merchandise Inventory decreases by $1500 and Accounts Receivable decreases by $1500.
• B)Merchandise Inventory decreases by $1500 and Accounts Receivable increases by $1500.
• C)Merchandise Inventory increases by $1500 and Accounts Payable decreases by $1500.
• D)Merchandise Inventory increases by $1500 and Accounts Payable increases by $1500.

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