Question

Purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system).

Purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system).

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Answer #1
Marchetti
General Journal Entries
Transactions Debit Credit
Inventory $       165,000.00
   To Accounts Payable $                                165,000.00
(Being amount of Inventory purchased on account)
Note:
Under Perpetual Inventory system inventory account are update after each transaction.
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