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Anestetic [448]
2 years ago
7

X-Mart purchased $300 of merchandise on account. Demonstrate the journal entry to record this transaction, assuming the perpetua

l inventory system is used.
Business
2 answers:
loris [4]2 years ago
6 0

Answer:

Debit purchases $300 and credit account payable $300

Explanation:

Answer key

pav-90 [236]2 years ago
3 0

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

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Rubin Enterprises had the following sales-related transactions on a recent day:
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Answer:

Transaction a

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8 0
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Answer:

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Which of the following is an example of a direct tax?
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