Multiple Choice
Mack Industries uses the periodic inventory system. What is the entry to record a $450 merchandise purchase on account from Nickel Corporation?
A) Debit Accounts Payable for $450; credit Sales for $450.
B) Debit Purchases for $450; credit Accounts Payable for $450.
C) Debit Purchases for $450; credit Merchandise Inventory for $450.
D) Debit Merchandise Inventory for $450; credit Accounts Payable for $450.
Correct Answer:
Verified
Correct Answer:
Verified
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