When merchandise inventory is acquired on account

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Reference no: EM13828554

When merchandise inventory is acquired on account, the journal would be recorded by:

Debiting Purchases and crediting Accounts Payable

Debiting Accounts Payable and crediting Merchandise Inventory

Debiting Merchandise Inventory and crediting Accounts Payable

Debiting Accounts Payable and crediting Purchases

Reference no: EM13828554

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