Which of the following entries would be made to record the purchase of inventory on account for $12,000, if a company uses the perpetual inventory system? O A. Merchandise Inventory 12,000 Accounts Payable 12,000 B. Accounts Payable 12,000 Merchandise Inventory 12,000 C. Cash 12,000 Merchandise Inventory 12,000 D. Merchandise Inventory 12,000 Cash 12,000
Which of the following entries would be made to record the purchase of inventory on account for $12,000, if a company uses the perpetual inventory system? O A. Merchandise Inventory 12,000 Accounts Payable 12,000 B. Accounts Payable 12,000 Merchandise Inventory 12,000 C. Cash 12,000 Merchandise Inventory 12,000 D. Merchandise Inventory 12,000 Cash 12,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...
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