Question

Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is:

Answer 1

Answer and Explanation:

The journal entry is shown below:

Purchases $6,000

To Account payable $6,000

(Being purchases on the account is recorded)

Here we debited the purchase as it increase the inventory while on the other hand the account payable is credited as it also increased the liability

So the above entry should be recorded