Use the following information for questions

-Assuming Chu uses a periodic inventory system, the entry to account for the March 1 purchase is:
A)Debit: "Inventory" and Credit: "Accounts Payable" $875
B)Debit: "Purchases" and Credit: "Accounts Payable" $875
C)Debit: "Accounts Payable" and Credit: "Purchases" $875
D)Debit: "Accounts Payable" and Credit: "Inventory" $875

Question

Use the following information for questions 
 
-Assuming Chu uses a periodic inventory system, the entry to account for the March 1 purchase is:
A)Debit: "Inventory" and Credit: "Accounts Payable" $875 
B)Debit: "Purchases" and Credit: "Accounts Payable" $875 
C)Debit: "Accounts Payable" and Credit: "Purchases" $875 
D)Debit: "Accounts Payable" and Credit: "Inventory" $875

Quizplus · Accepted Answer

The Answer of Use the following information for questions 
 
-Assuming Chu uses a periodic inventory system, the entry to account for the March 1 purchase is:
A)Debit: "Inventory" and Credit: "Accounts Payable" $875 
B)Debit: "Purchases" and Credit: "Accounts Payable" $875 
C)Debit: "Accounts Payable" and Credit: "Purchases" $875 
D)Debit: "Accounts Payable" and Credit: "Inventory" $875

Use the Following Information for Questions