Question

a store purchased 500 in merchandise on account.using the periodic inventry system,how would you record your entry?
(a)debit merchandise inventory 500 and credit accounts payable 500
(b)credit purchase 500 and debit accounts payable 500
(c)credit merchandise inventory 500
and debit accounts payable 500
(d)debit purchase 500 and credit accounts payable 500
my answer is
a

Related Questions

John's specialty store uses a perpetual inveentory system. the following are some inventory transact... Determine the ending balance of the Merchandise Inventory account given the following transactions:... 9. Prepare journal entires to record these transactions on Hirut companys books using a periodic inv...