Abbott Company purchased $6,500 of merchandise inventory on account. Abbott uses the perpetual inventory system. Which of the following entries would be required to record this transaction?
A.
| Inventory | 6,500 | |
| Accounts Payable | 6,500 |
B.
| Accounts Payable | 6,500 | |
| Inventory | 6,500 |
C.
| Cost of Goods Sold | 6,500 | |
| Accounts Payable | 6,500 |
D.
| Accounts Payable | 6,500 | |
| Purchases | 6,500 |
Answer: A
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