question archive Delbert Industries purchased and received inventory of $15,000 on account
Delbert Industries purchased and received inventory of $15,000 on account
Subject:BusinessPrice:2.88 Bought3
Delbert Industries purchased and received inventory of $15,000 on account. The entry to record this purchase will include:
a) a debit to Inventory and a credit to Accounts Payable
b) a debit to Inventory expense and a credit to Accounts Receivable
c) a debit to Accounts Payable and a credit to Inventory
d) a debit to Inventory and a credit to Cash
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- The correct answer is a) debit to Inventory and a credit to Accounts Payable.
Explanation:
When goods are purchased on account:
| General Journal | Debit | Credit |
| Merchandise inventory | $XX | |
| Accounts payable | $XX |
