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Accounting for Merchandising Activities
?
Under a perpetual inventory system supplies are purchased for cash. The correct journal entry for this purchase will be a
debit to Purchases and a credit to Cash
debit to Merchandise Inventory and a credit to Cash
debit to Supplies and credit Cost of Goods Sold
debit to Supplies and a credit to Cash
Show Result
Correct
- Your answer is correct.
Wrong
- Your answer is wrong.
Detailed Answer
Correct answer: (D)
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