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Subject - Accounting:

Financial Statement Analysis

MCQ - 290-292

Question:

Office supplies are purchased on account. The company uses a perpetual inventory system. What is the correct journal entry for this purchase of office supplies?

  1. Debit - Purchases; Credit - Cash
  2. Debit - Merchandise Inventory; Credit - Cost of Goods Sold
  3. Debit - Office Supplies; Credit - Accounts Payable
  4. Debit - Merchandise Inventory; Credit - Cost of Goods Sold

Correct Answer: C

Explanation:

Not Required

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Record Performance

355 MCQ for effective preparation of the test of Financial Statement Analysis of Accounting section.

Read the MCQ statement: Office supplies are purchased on account. The company uses a perpetual inventory system. What is the correct journal entry for this purchase of office supplies? , keenly and apply the method you have learn through the video lessons for Financial Statement Analysis to give the answer. Record your answer and check its correct answer and video explanation for MCQ No. 290-292.

How to Answer

Solve the question for MCQ No. and decide which option (A through D/E) is the best choice to answer the MCQ, then click/tap the blue button to view the correct answer and it explanation.

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