Yolanda & Company purchases 100 pegs at $10 each and will pay for them in 30...
Yolanda & Company purchases 100 pegs at $10 each and will pay for them in 30 days. Yolanda uses the perpetual system for inventory. What would be the journal entry to record the purchase by Yolanda? a. b. c. d.
Homework Answers
Answers
| Date | General Jouranal | Debit | Credit |
| Merchnadise Inventory | $1,000 | ||
| Accounts Payable | $1,000 |
Under Per petual inventory system Recors the Purchase of Merchandise on Account Will be
Debit: Mechandise inventory ( 100*$10) = $1,000
Credit : Accounts Payable ( 100*$10) = $ 1,000
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