Question
1.) Complete the journal entries for the following transactions: On July 1, 2019, ABC Company purchased merchandise on account for $10,000, with terms 1/10, n/30.
1.) Complete the journal entries for the following transactions:
On July 1, 2019, ABC Company purchased merchandise on account for $10,000, with terms 1/10, n/30. The entry would include a debit to (inventory, accounts payable) a.
and a credit to (inventory, accounts payable) b.
for $10,000.(inventory, accounts payable)c.
On July 8, 2019, ABC Company paid for the above purchase. The entry would include a debit to (inventory, accounts payable)d.
for (9900,10000) e.
, a credit to (inventory, cash) f.
for (9900,10000) g.
and a credit to (inventory, cash) h.
for . (900,100) I.
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