a-company-buys-150-units-of-inventory-at-20-per-unit-on-account-calculate-the-to

Question

A company buys 150 units of inventory at $20 per unit on account. Calculate the total value of the purchase and record the transaction.

Accepted Answer

Total value is $$3,000; Debit Purchases 3$$,000; Credit Accounts Payable $3,000

Answer

Total value is $$3,000; Debit Accounts Payable 3$$,000; Credit Purchases $3,000

Answer

Total value is $$3,000; Debit Purchases 3$$,000; Credit Cash $3,000

Answer

Total value is $$3,000; Debit Inventory 3$$,000; Credit Accounts Payable $3,000

A company buys 150 units of inventory at \$20 per unit on account. Calculate the total value of the purchase and record the transaction.