Which one of the following double entries is recorded when goods are purchased on credit under perpetual inventory system? . Inventory Debit and Cash Credit -. Purchases Debit and accounts payable Credit . Purchases Debit and Cash Credit . Inventory Debit and accounts payable Credit Which of the following journal entries is recorded when goods are purchased on credit under the periodic inventory system? - Cash Debit and Purchases Credit - Purchases Debit and accounts payable credit Purchases Debit and Cash Credit Inventory Debit and accounts payable Credit Under IFRS 36 Impairment of assets, which of the following statements best describes the Term "value in use of an asset"? A. The amount of cash equivalent that could be currently obtained by selling an asset in an orderly disposal. 3. The net amount which an entity expects to obtain for an asset at the end of its useful life. C. The present value of estimated future cash flows expected to arise from the continued use of an asset. D. The amount at which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction.