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olga55 [171]
3 years ago
12

The journal entry for the purchase of inventory on account using the perpetual inventory system is

Business
1 answer:
alexandr1967 [171]3 years ago
5 0

Answer:

D. Merchandise Inventory xxx

Accounts Receivable xxx

Explanation:

The Journal Entry is shown below:-

Merchandise Inventory A/c Dr,         xxx

              To Accounts Payable     xxx

(Being purchase of inventory on account is recorded)

Therefore inventory is purchased so it will increasing assets, it is debited while accounts payable is increasing liabilities so it is credited.

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