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Jones Corporation purchased merchandise inventory with a 10%, 120 day note payable for $10,000. The company uses the perpetual inventory system.
The entry to record the purchase of the merchandise with the note would be:

Sagot :

abiolataiwo2015

If Jones Corporation purchased merchandise inventory with a 10%, 120 day note payable for $10,000. The company uses the perpetual inventory system. The entry to record the purchase of the merchandise with the note would be: Debit Merchandise Inventory 10,000, Credit Notes Payable 10,000.

How to prepare the journal entry?

Based on the given transaction we have to debit  Merchandise Inventory and credit Notes Payable.

Now let prepare the journal entry

Jones Corporation

Debit Merchandise Inventory $10,000

Credit Notes Payable $10,000

(To record purchase of the merchandise)

Therefore the entry is  Debit Merchandise Inventory  and  Credit Notes Payable .

Learn more about journal entry here:https://brainly.com/question/28390337

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