When merchandise is acquired on account and the perpetual system of inventory is used, the journal entry
Fantastic news! We've Found the answer you've been seeking!
Question:
When merchandise is acquired on account and the perpetual system of inventory is used, the journal entry for the purchases would require:
1-debiting accounts payable, and crediting merchandise inventory.
2-debiting accounts payable and crediting purchases.
3-debiting merchandise inventory and crediting accounts payable.
4-debiting purchases and crediting accounts payable.
Expert Answer:
Related Book For 
Posted Date:
