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A business purchased merchandise on 10/1, at a price of $80,000, with credit terms of 2/10, n30. They uses the net method for recording purchases
A business purchased merchandise on 10/1, at a price of $80,000, with credit terms of 2/10, n30. They uses the net method for recording purchases and uses a perpetual inventory system. Which of the following statements is (are ) true? Select all correct answers, points deducted for incorrect answers. O Credit Purchase Discounts 1,600 O Credit Accounts Payable 80,000 OOC Debit Inventory 80,000 O Debit Purchases 80,000 Debit Inventory 78,400 Credit Accounts Payable 78,400
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