Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 12 - No. 7)
What would the debit and credit entries be to record the purchase of inventory on account?
Debit: Inventory, Credit: Cash
Debit: Inventory, Credit: Accounts Payable
Debit: Accounts Payable, Credit: Inventory
Debit: Cash, Credit: Inventory
Explanation
Debit: Inventory, Credit: Accounts Payable
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