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 $2,300.The company plans to pay $1,700 the following week and the remaining amount the week after.Which of the following is the correct entry to record this transaction in a purchases journal? Assume a perpetual inventory system is used.

• A)$1,150 will be recorded in the Accounts Payable CR and Merchandise Inventory CR column.
• B)$4,000 will be recorded in the Accounts Payable DR and Merchandise Inventory DR column.
• C)$2,300 will be recorded in the Merchandise Inventory CR and Accounts Payable DR column.
• D)$2,300 will be recorded in the Accounts Payable CR and Merchandise Inventory DR column.

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