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Business, 18.06.2021 20:00 RandomLollipop

X-Mart purchased $300 of merchandise and paid immediately. Demonstrate the journal entry to record this transaction, assuming the perpetual inventory system is used. Multiple choice question. Debit Purchases $300; credit Cash $300. Debit Merchandise Inventory $300; credit Cash $300. Debit Merchandise Inventory $300; credit Sales $300. Credit Merchandise Inventory $300; debit Cash $300.

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