Universal, Inc. purchased 500 units of inventory at $25 per
Universal, Inc. purchased 500 units of inventory at $25 per unit by payment of cash. Provide the journal entry to record the purchase of inventory. (Assume a perpetual inventory system.)
What will be an ideal response
ANSWER
Merchandise Inventory 12,500
Cash 12,500
Note:
Purchases = 500 units × $25 per unit = $12,500
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