Chancellor Company Purchased Merchandise Worth $900 on Credit,terms N/30

Multiple Choice

Chancellor Company purchased merchandise worth $900 on credit,terms n/30.What is the required journal entry to record the transaction under the periodic inventory system?

A) Accounts Receivable 900
Purchases 900
B) Purchases 900
Accounts Payable 900
C) Merchandise Inventory 900
Accounts Payable 900
D) Accounts Payable 900
Merchandise Inventory 900