Interest rate? Repayment amounts? Length of time of loan? Smile on the face of the money lender? Might there be a little more to this quesition?
Answer:
See explanation
Explanation:
Since X-Mart company uses perpetual inventory system, the inventory system shows the real-time selling of inventories. Purchasing merchandise on account means no cash has been paid and a liability is existed. To record the transaction, the following journal entry will require in the book of X-Mart-
Debit Merchandise Inventory $300
Credit Accounts payable $300
Could the answer be advertisements
