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10. On May 1, 2011, the Boyd Company purchases merchandise for $300 on account (on credi from the Smith Company, with payment terms of 2/10,
10. On May 1, 2011, the Boyd Company purchases merchandise for $300 on account (on credi from the Smith Company, with payment terms of 2/10, n/30. The journal entry made by the Boyd Company (the buyer) to record this transaction would be 300-food 300 - A. Inventory Accounts Payable B. Accounts Payable 300 colo 1300 Inventory 300 C. Inventory 00 300 Cash 300 D. Cash OS 300 Inventory 11. On May 8, 2011, the Boyd Company pays the entire amount owed for the goods purchased in question #10, within the 10 day discount period. The journal entry made by the Boyd Company to record this transaction would be 294 A. Accounts Payable 294 Cash 294 B. Cash Accounts Payable 294 e. Accounts Payable 300 Cash 294 Inventory 6 294 D. Cash D. Inventory Accounts Payable d 300
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