What will the journal entry be if an entity buys inventory on credit when the periodic inventory system is in use (Ignore any VAT implications)?
- A. Debit inventory account and credit bank account.
- B. Debit purchases account and credit trade payables control account.
- C. Debit inventory account and credit trade payables control account.
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- D. Debit trade payables control account and credit purchases account.
- E. Debit purchases account and credit bank account.
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