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Home Q & A Board Other Fields Homework Help Business Accounting
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yomama1997 yomama1997
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5 years ago
Smith Corporation purchased $75,000 of merchandise on credit. The company uses the perpetual method of recording inventory purchases. What would be the correct journal entry to record the purchase?

A)
Merchandise Inventory75,000
     Accounts Payable75,000

B)
Purchases75,000
     Accounts Payable75,000

C)
Merchandise Inventory75,000
     Cash75,000

D)
Purchases75,000
     Interest Payable75,000
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
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lauram25lauram25
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5 years ago
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yomama1997 Author
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#2
5 years ago
Helps a lot... Now I'm ready for my quiz
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