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Lion, Inc, purchased merchandise from a supplier on October 1, 2021, for $100,000 on account, terms 1/10, n/30. What entry would Lion use to record this purchase if the company uses perpetual inventory system.  a.Accounts Payable 100,000          Inventory                                              100,000 b.Purchases 99,000          Accounts Payable                                  99,000 c.Inventory 99,000          Accounts Payable                                  99,000 d.Inventory 100,000

Lion, Inc, purchased merchandise from a supplier on October 1, 2021, for $100,000 on account, terms 1/10, n/30. What entry would Lion use to record this purchase if the company uses perpetual inventory system.  a.Accounts Payable 100,000          Inventory                                              100,000 b.Purchases 99,000          Accounts Payable                                  99,000 c.Inventory 99,000          Accounts Payable                                  99,000 d.Inventory 100,000

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
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 1RE: Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare...
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    1. Lion, Inc, purchased merchandise from a supplier on October 1, 2021, for $100,000 on account, terms 1/10, n/30. What entry would Lion use to record this purchase if the company uses perpetual inventory system. 

a.Accounts Payable 100,000

         Inventory                                              100,000

b.Purchases 99,000

         Accounts Payable                                  99,000

c.Inventory 99,000

         Accounts Payable                                  99,000

d.Inventory 100,000

         Accounts Payable                                  100,000

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