Answer:
the journal entry to record this transaction is:
Dr Merchandise inventory XY
Cr Accounts payable XY
Since Yasai received the merchandise before the year ended, it must report this transaction by increasing both current assets (merchandise inventory) and current liabilities (accounts payable).
Under accrual accounting, transactions are recorded once they occur, and not necessarily when cash is exchanged. In this specific case, the company received an asset and it must pay for it at a later date.
