#16

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 debt to _____________________ (inventory or accounts payable) and a credit to ________________________ (inventory or accounts payable) for $10,000.00

On July 8, 2019, ABC company paid for the above purchase. The entry would include a debit to

__________________ (inventory or accounts payable) for ______________________ ($9,900 or $10,000), a credit to

__________________ (inventory or cash) for ______________________ ($9,900 or $10,000), and a credit to

__________________ (inventory or cash) for ______________________ ($900 or $100).