Transactions involved in the acquisition / payment process include:
A)Debit inventory, credit cash
B)Debit inventory, credit accounts payable
C)Debit accounts payable, credit cash
D)All of the above

Question

Quizplus · Accepted Answer

The acquisition/payment process involves the purchase of inventory, which is recorded as a debit to inventory and a credit to either cash or accounts payable, depending on whether the purchase was made with cash or credit. Therefore, all of the options mentioned in the question are correct as they represent different scenarios of the acquisition/payment process.

Transactions Involved in the Acquisition / Payment Process Include