Grogan Company purchases inventory on account with a cost of $1300 and a retail price of $2600. Grogan Company uses the perpetual inventory method. What journal entry is required on the date of purchase?
A) debit Purchases for $1300 and credit Accounts Payable for $1300
B) debit Purchases for $2600 and credit Cash for $2600
C) debit Inventory for $1300 and credit Accounts Payable for $1300
D) debit Accounts Receivable for $2600 and credit Purchases for $2600
C
Business
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