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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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6 0
2 years ago
Are contractually-stipulated cooperation programs between unions and management a realistic and workable concept? Why or why not
krok68 [10]
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4 0
3 years ago
Project: How Entrepreneurs Improve the Economy
UNO [17]

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6 0
2 years ago
A market system tends to restrict business risk to owners and investors. This results in which of the following benefits?
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