Multiple Choice
A merchandiser purchased inventory on account for $18,000.Under the periodic inventory system,the journal entry to record the purchase would include ________.
A) a debit to Purchases for $18,000 and a credit to Accounts Payable for $18,000
B) a debit to Accounts Payable for $18,000 and a credit to Purchases for $18,000
C) a debit to Merchandise Inventory for $18,000 and a credit to Accounts Payable for $18,000
D) a debit to Accounts Payable for $18,000 and a credit to Merchandise Inventory for $18,000
Correct Answer:
Verified
Correct Answer:
Verified
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