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Use the Following Information for Questions

Question 67

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Use the following information for questions
Use the following information for questions -Assuming Chu uses a periodic inventory system, the entry to account for the March 1 purchase is: A) Debit: Inventory and Credit: Accounts Payable $875 B) Debit: Purchases and Credit: Accounts Payable $875 C) Debit: Accounts Payable and Credit: Purchases $875 D) Debit: Accounts Payable and Credit: Inventory $875
-Assuming Chu uses a periodic inventory system, the entry to account for the March 1 purchase is:


A) Debit: "Inventory" and Credit: "Accounts Payable" $875
B) Debit: "Purchases" and Credit: "Accounts Payable" $875
C) Debit: "Accounts Payable" and Credit: "Purchases" $875
D) Debit: "Accounts Payable" and Credit: "Inventory" $875

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