Abbott Company purchased $8500 of merchandise inventory on account. Which of the following entries would be required to record this transaction?
A.
| Cost of Goods Sold | 8500? | |
| Accounts Payable | 8500? |
B.
| Accounts Payable | 8500? | |
| Purchases | 8500? |
C.
| Inventory | 8500? | |
| Accounts Payable | 8500? |
D.
| Accounts Payable | 8500? | |
| Inventory | 8500? |
Answer: C
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