Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. abc purchases $1,000 of merchandise on account. ab

ABC purchases $1,000 of merchandise on account. ABC's journal entry to record this transaction includes...

80.2K

Verified Solution

Question

Accounting

ABC purchases $1,000 of merchandise on account. ABC's journal entry to record this transaction includes a _________

A. debit to inventory of $1,000 and a credit to accounts receivable of $1,000

B. debit to accounts receivable of $1,000 and a credit to inventory of $1,000

C. debit to inventory of $1,000 and a credit to accounts payable of $1,000

D. debit to accounts payable of $1,000 and a credit to inventory of $1,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

A 0.726-kg rope 2.00 meters long lies on a floor. You grasp one end of the...

Basic Math
1.2K views

Sky Kitchens is the second largest airline caterer in the United States, providing nearly all the...

Basic Math
1.2K views

Imagine you take the SAT which has a µ = 500 and ? = 100...

Finance
1.2K views

How can duration be used to determine a rough measure of the percentage change in the...

Biology
1.2K views

Which of the following statements about dendritic cells is incorrect?They are part of the 2nd...

Physics
1.2K views

Water falls from a height of 210 m Assuming whole of energy due to fall...

Basic Math
1.2K views

Matthew is going to invest in an account paying an interest rate of 5.5% compounded...

Basic Math
1.2K views

On a shelf at a gaming store, there are nine Sony Playstations and seven Nintendo...

Statistics
1.2K views

Ages Number of students 2 31 34 3 Based on the frequency distribution above is...

Algebra
1.2K views

17 The slope of a plane taking off is 0 02 Assume the slope is...

Accounting
1.2K views

Problem 10-3A (Algo) Indicate effect of stock dividends...

Accounting
1.2K views

For a Company which is computing costs based on the process cost system solve this...