Describe the event that corresponds to the journal entry when Inventory Account is debited
and Vendor Account is credited.
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Explanation:
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The event that corresponds to the journal entry when Inventory Account is debited and Vendor Account is credited is Sale of goods on credit.
Explanation:
- Inventory diary entries can be used to log inventory transactions in a variety of ways.
- The system creates the majority of these transactions for you in a contemporary, computerised inventory tracking system, so the precise nature of the journal entries is not always evident.
- This is the first inventory purchase, which is processed through the accounts payable system.
- Depending on the type of the products purchased, the debit will be applied to either the raw materials inventory or the merchandise inventory account.
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