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A merchandiser purchased inventory on account for $18,000. Under the periodic inventory system, the journal entry to record the purchase would include ________.

Respuesta :

Answer:

Debit of $18,000 for purchase and Credit of $18,000 for accounts payable.

Explanation:

According to the scenario, following entries can be record in journal  as follows:

Journal Entry

Particulars                             Debit                       Credit

Purchases (Dr)                       $18,000  

Accounts payable (Cr)                                           $18,000

As Inventory is being purchased so in journal entry Purchase is Being debited for $18,000 and Accounts payable is being credited for $18,000.

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