Question $1$

$\frac{0}{20}$ points

Sept. $1-$ Dingle Corporation purchased inventory from Oreo Company on account for $$50,000.$

Dingle records purchases gross and uses a periodic inventory system. What would their journal entry be to

record the purchase?

Sept. $1$ Purchases $,50,000$

Accounts Payable $,50,000$

Sept. $1$ Purchases $,50,000$

No entry because they haven't used the inventory yet.