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When using the perpetual system for inventory, the journal entry to record a purchase of inventory would include a O debit to accounts payable credit to the inventory account debit to the inventory account ○ debit to the purchases account O credit to the purchases account

When using the perpetual system for inventory, the journal entry to record a purchase of inventory would include a O debit to accounts payable credit to the inventory account debit to the inventory account ○ debit to the purchases account O credit to the purchases account

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3DQ: Using the perpetual inventory system, what account is debited when a business finds that its...
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When using the perpetual system for inventory, the journal entry to record a purchase of inventory would include a O debit to accounts payable credit to the inventory account debit to the inventory account ○ debit to the purchases account O credit to the purchases account
Transcribed Image Text:When using the perpetual system for inventory, the journal entry to record a purchase of inventory would include a O debit to accounts payable credit to the inventory account debit to the inventory account ○ debit to the purchases account O credit to the purchases account
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