Journal entries commonly processed as part of the acquisition/payment process can include:
A)Debits to inventory.
B)Credits to accounts payable.
C)Credits to cash.
D)All of these.

Question

Quizplus · Accepted Answer

In the acquisition/payment process, there are several journal entries that need to be processed including debits to inventory for goods received, credits to accounts payable for the amount owed to vendors, and credits to cash for payments made to vendors. Therefore, all of these choices are correct.

Journal Entries Commonly Processed as Part of the Acquisition/payment Process