Under the perpetual inventory system, the purchase of merchandise is recorded by

Question

Under the perpetual inventory system, the purchase of merchandise is recorded by a debit to A merchandise inventory, credit to Accounts Payable or Cash B Cost of Goods Sold, credit to Accounts Payable C Purchases, credit to Accounts Payable D Accounts Payable, credit to Purchases Under the perpetual inventory system, the purchase of merchandise is recorded by a debit to A merchandise inventory, credit to Accounts Payable or Cash B Cost of Goods Sold, credit to Accounts Payable C Purchases, credit to Accounts Payable D Accounts Payable, credit to Purchases A merchandise inventory, credit to Accounts Payable or Cash B Cost of Goods Sold, credit to Accounts Payable C Purchases, credit to Accounts Payable D Accounts Payable, credit to Purchases

Explanation / Answer

Solution: merchandise inventory, credit to Accounts Payable or Cash

Explanation:

Under the perpetual inventory system, the purchase of merchandise are debited to merchandise inventory and a credit to cash/ Accounts Payable

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