Grogan Company purchases inventory on account with a cost of $1,000 and a retail price of $2,000. Grogan Company uses the perpetual inventory method. What journal entry is required on the date of purchase?
Grogan Company purchases inventory on account with a cost of $1,000 and a retail price of $2,000. Grogan Company uses the perpetual inventory method. What journal entry is required on the date of purchase?
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