Question
1. a company that uses the perpetual inventory system purchases inventory for $62,000 on account with terms of 3/10, n/30. which of the following is
1. a company that uses the perpetual inventory system purchases inventory for $62,000 on account with terms of 3/10, n/30. which of the following is the journal entry to record the payment made within 10 days? a) a debit to accounts payable for 62,000, credit to cash for 60,140 accountant a debit to merchandise inventory for 1,860. b) a debit to accounts payable for 60,140, a debit to merchandise inventory for 1,860, and a credit to cash for 62,000. c) a debit to merchandise inventory for 1,860, a debit to accounts payable for 62,000 and a credit to cash for 63,860 d) a debit to accounts payable for 62,000, a credit to merchandise inventory for 1,860, and a credit to cash for 60,140
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