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26) th March 2019, Max business purchased RO 60,000 with credit terms of 2/10, n30 and shipping terms FOB shipping point. What is the journal entry to record the above in the books of buyer under Perpetual inventory system? a. Account payable RO 60,000 Dr / Merchandise inventory RO 60,000 Cr b. Purchases RO 60,000 Dr / Account payable RO 60,000 Cr c. Account payable RO 60,000 Dr / Purchases RO 60,000 Cr d. Merchandise inventory RO 60,000 Dr / Account payable RO 60,000 Cr

26) th March 2019, Max business purchased RO 60,000 with credit terms of 2/10, n30 and shipping terms FOB shipping point. What is the journal entry to record the above in the books of buyer under Perpetual inventory system? a. Account payable RO 60,000 Dr / Merchandise inventory RO 60,000 Cr b. Purchases RO 60,000 Dr / Account payable RO 60,000 Cr c. Account payable RO 60,000 Dr / Purchases RO 60,000 Cr d. Merchandise inventory RO 60,000 Dr / Account payable RO 60,000 Cr

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 6E: Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was...
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26)

th March 2019, Max business purchased RO 60,000 with credit terms of 2/10, n30 and shipping terms FOB shipping point. What is the journal entry to record the above in the books of buyer under Perpetual inventory system?
a.
Account payable RO 60,000 Dr / Merchandise inventory RO 60,000 Cr
b.
Purchases RO 60,000 Dr / Account payable RO 60,000 Cr
c.
Account payable RO 60,000 Dr / Purchases RO 60,000 Cr
d.
Merchandise inventory RO 60,000 Dr / Account payable RO 60,000 Cr
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