What is the Journal Entry for “The Company purchased $6,000 worth of merchandise on credit”?

Question

manseer muhammed ali · Answer

Journal Entry for Dr Merchandise and Cr Accounts Payable

Alfred Jr. Santamaria · Answer

C if the company is using perpetual system. But if the company is using the periodic inventory system, then debit to Purchases account.

Umar Saeed · Answer

Company is buying merchandise/goods on credit so journal entry will be:

Dr Merchandise/good and Cr Accounts Payable

Nazmul Islam CMA · Answer

C-------------------------------------------------------------------------

Frank Mwansa · Answer

3. Dr merchandise a/c (purchase a/c and CR Trade payable a/c

Johny V Sebastian Verananickal · Answer

Dr Merchandise and Cr Accounts Payable