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Truex, Inc purchases inventory from Yax,Co on account. The cost of the inventory is $5,000. Terms are 2/10/net 30. What accou
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Answer #1

Journal entry for purchase of inventory from Yax, Co. on account

Inventory $5,000
            Accounts Payable $5,000
( Purchase inventory on Credit)

1. Answer is Option A . Inventory

Inventory account should be debited

2. Answer is Option B. Accounts Payble

Accounts payable should be credited

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