Lionel Corporation purchases inventory on account for $900. Which of the following is the journal entry recorded for this transaction?

a. Inventory $900
Cash $900
b. Accounts Payable $900
Cash $900
c. Cash $900
Inventory $900
d. Accounts Payable $900
Inventory $900
e. Inventory $900
Accounts Payable $900

Answer: e. Inventory $900
Accounts Payable $900

Business

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