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1 year ago

Ferguson corp. purchased inventory on account for $20,000. the entry to record this transaction would include?

Business

1 answer:

Marianna [84]1 year ago

8 0

The entry to record this transaction would include:

Dr. Inventory $20,000

Cr. Accounts payable $20,000

What does it mean to purchase inventory on account?

Purchasing the inventory on account for $20,000 means that Ferguson corp. did not make payment for the inventory immediately, it rather purchased the inventory on credit with a promise to pay later.

As a result, the liability of Ferguson corp. has increased, specifically, the company would credit accounts payable with $20,000 such that inventory, which is the receiving account is debited with the same amount

Find out more about journal entry on:brainly.com/question/11312217

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2 years ago

The periodic expensing of an asset over the property's theoretical economic life is referred to as what

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3 years ago

When Motorola first entered the Mexican marketplace, the company wanted direct control of salespeople in major urban markets but

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Answer: company sales force

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3 years ago

Megan is 5 years older than Sandy. If four years ago Megan was three years less than three times Sandys age, how old is Sandy no

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Sandy is currently 8 years old.

Start by using x for Sandy's current age and x + 5 for Megan's current age.

Since we know the above, we can find their age's as of 4 years ago as both of those minus 4. So Sandy 4 years ago was x - 4 years old and Megan was x + 1 years old.

Now we can set up an equation that shows that Megan's age 4 years ago was equal to Sandy's age 4 years ago times 3 minus 3.

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3 years ago

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In the obsolescing bargain situation, bargaining power of the host country government will be stronger when the MNC has made lar

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Answer:

True

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