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nalin [4]
3 years ago
9

X-Mart purchased $300 of merchandise and paid immediately. Demonstrate the journal entry to record this transaction, assuming th

e perpetual inventory system is used.
Business
1 answer:
tangare [24]3 years ago
5 0

Answer:

See explanation Section

Explanation:

The journal entry to record the purchase of merchandise -

Merchandise Inventory          Debit        $300

Cash                                         Credit           $300

Note: As the perpetual inventory shows the running inventory of cost of goods available for sale. Therefore, every purchase of merchandise will directly debit the merchandise inventory and not the purchase account. Since the company paid immediately, cash decreased.

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A relevant account from the chart of accounts

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7 0
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According to Lee, by developing collaborative relationships with suppliers and customers, employing postponement, building a dep
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4. Agility and Alignment

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Midwest Fabricators Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $
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= $17,020 ÷ $74,000

= 23%

4 0
3 years ago
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