Abbott Company purchased $7,500 of merchandise inventory on account. Advent uses the perpetual inventory method. Which of the following entries would be required to record this transaction?
Cost of Goods Sold 7,500 Accounts Payable 7,500
Inventory 7,500 Accounts Payable 7,500
Accounts Payable 7,500 Purchases 7,500
Accounts Payable 7,500 Inventory 7,500