Chancellor Company Purchased Merchandize Worth $900 on Credit,terms N/30 $\begin{array}{l}\text { Accounts Receivable } &900\\\text { Purchases }&&900\end{array}$

Multiple Choice

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

A)
$\begin{array}{l}\text { Accounts Receivable } &900\\\text { Purchases }&&900\end{array}$
B)
$\begin{array}{ll}\text { Purchases } & 900 \\\text { Accounts Payable } &&900\end{array}$
C)
$\begin{array}{c}\text { Merchandize Inventory } &900\\\text { Accounts Payable }&&900\end{array}$
D)
$\begin{array}{lll}\text { Accounts Payable }&900 \\\text { Merchandize Inventory }&&900\end{array}$