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lozanna [386]
3 years ago
5

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. Multiple choice question. Debit Purchases $300; credit Cash $300. Debit Merchandise Inventory $300; credit Cash $300. Debit Merchandise Inventory $300; credit Sales $300. Credit Merchandise Inventory $300; debit Cash $300.
Business
1 answer:
Troyanec [42]3 years ago
5 0

Answer:

Debit Merchandise Inventory $300; credit Cash $300

Explanation:

The journal entry to record the given transaction is shown below:

Merchandise inventory Dr $300

    To Cash $300

(being cash paid is recorded)

Here the merchandise inventory is debited as it increased the assets and credited the cash as it decreased the assets

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