Multiple Choice
A company uses the periodic inventory method.Which of the following entries would be made to record a purchase of inventory on account?
A) The accounting entry would be a debit to Purchases and a credit to Accounts payable.
B) The accounting entry would be a debit to Accounts payable and a credit to Purchases.
C) The accounting entry would be a debit to Inventory and a credit to Accounts payable.
D) The accounting entry would be a debit to Accounts payable and a credit to Inventory.
Correct Answer:
Verified
Correct Answer:
Verified
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