Question: Under a perpetual inventory system, the following entry would be made to record a purchase of inventory on account: Debit Merchandise Inventory Credit Accounts

Under a perpetual inventory system, the following entry would be made to

Under a perpetual inventory system, the following entry would be made to record a purchase of inventory on account: Debit Merchandise Inventory Credit Accounts Payable Debit Purchases Credit Accounts Payable Debit Cost of Goods Sold Credit Accounts Payable Debit Merchandise Inventory Credit Accounts Receivable

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