Accounting for IGCSE & O level - Accounting Procedures (Section 3 - No. 33)
What journal entry is used to record the purchase of inventory on credit?
Debit Inventory, Credit Cash
Debit Purchases, Credit Accounts Payable
Debit Accounts Receivable, Credit Sales
Debit Cash, Credit Inventory
Explanation
Debit Purchases, Credit Accounts Payable.
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