On July 10,a Hardware Retailer Purchased Merchandise Inventory on Account

question 96

Multiple Choice

On July 10,a hardware retailer purchased merchandise inventory on account for $1,800.The company plans to pay $1,600 the following week and the remaining amount the week after.Which of the following is the correct entry to record the July 10 transaction in a purchases journal? Assume a perpetual inventory system is used.

• A) $1,600 will be recorded in the Accounts Payable CR and Merchandise Inventory CR columns.
• B) $3,400 will be recorded in the Accounts Payable DR and Merchandise Inventory DR columns.
• C) $1,800 will be recorded in the Merchandise Inventory CR and Accounts Payable DR columns.
• D) $1,800 will be recorded in the Accounts Payable CR and Merchandise Inventory DR columns.

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