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

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)
$\begin{array}{llr} \text {Accounts Receivable } &900\\ \text { Purchases } &&900\\\end{array}$

B)
$\begin{array}{llr} \text { Purchases } &900\\ \text { Accounts Payable } &&900\\\end{array}$

C)
$\begin{array}{l} \text { Merchandize Inventory }& 900 \\\text { Accounts Payable }&&900\end{array}$
D)
$\begin{array}{ll}\text { Accounts Payable } & 900 \\\text { Merchandize Inventory } &&900\end{array}$