Business, 14.10.2021 02:00 gd9075

X-Mart purchased $300 of merchandise on account. Demonstrate the journal entry to record this transaction, under the periodic inventory system. Multiple choice question. Debit Purchases $300 and credit Accounts Payable $300. Debit Merchandise Inventory $300 and credit Accounts Payable $300. Credit Merchandise Inventory $300 and debit Accounts Payable $300. Debit Merchandise Inventory $300 and credit Sales $300.

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X-Mart purchased $300 of merchandise on account. Demonstrate the journal entry to record this transa...

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