On April 1, a hardware retailer purchases inventory on account for $1,800. Which of the following correctly describes the effect of this transaction? Assume a perpetual inventory system is used.
A) Merchandise Inventory decreases by $1,800 and Accounts Receivable decreases by $1,800.
B) Merchandise Inventory decreases by $1,800 and Accounts Receivable increases by $1,800.
C) Merchandise Inventory increases by $1,800 and Accounts Payable decreases by $1,800.
D) Merchandise Inventory increases by $1,800 and Accounts Payable increases by $1,800.
D) Merchandise Inventory increases by $1,800 and Accounts Payable increases by $1,800.
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What will be an ideal response?
Our next ____ meeting will be at 3 p.m. on Wednesday
A) dep't. B) dept.