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Which is the correct journal entry to record the purchase

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Problem 1: Under a perpetual inventory system merchandise is purchased for cash. Which is the correct journal entry to record this purchase?

A) Debit to Purchases and a credit to Cash

B) Debit to Merchandise Inventory and a credit to Accounts Payable

C) Debit to Merchandise Inventory and a credit to Cash

D) Debit to Purchases Returns and Allowances and a credit to Cost of Goods Sold

E) None of the above

Reference no: EM132695461

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