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Home Q & A Board Other Fields Homework Help Business Accounting
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Morgs Morgs
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5 years ago
On July 10, a hardware retailer purchased merchandise inventory on account for $2,300. The company plans to pay $1,700 the following week and the remaining amount the week after. Which of the following is the correct entry to record this transaction in a purchases journal? Assume a perpetual inventory system is used.
A) $1,150 will be recorded in the Accounts Payable CR and Merchandise Inventory CR column.
B) $4,000 will be recorded in the Accounts Payable DR and Merchandise Inventory DR column.
C) $2,300 will be recorded in the Merchandise Inventory CR and Accounts Payable DR column.
D) $2,300 will be recorded in the Accounts Payable CR and Merchandise Inventory DR column.
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
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nadiianadiia
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5 years ago
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Morgs Author
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Literally the most helpful website ever
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