Multiple Choice
A merchandiser purchased inventory on account for $10,000. Under the periodic inventory system, the journal entry to record purchases would include:
A) a debit to Purchases for $10,000 and a credit to Accounts Payable for $10,000.
B) a debit to Accounts Payable for $10,000 and a credit to Purchases for $10,000.
C) a debit to Merchandise Inventory for $10,000 and a credit to Accounts Payable for $10,000.
D) a debit to Accounts Payable for $10,000 and a credit to Merchandise Inventory for $10,000.
Correct Answer:
Verified
Correct Answer:
Verified
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