Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company purchased $30,000 of merchandise on December 10. On December 12, it returned $3,000 worth of merchandise. On December 15, it paid the balance

image text in transcribed
A company purchased $30,000 of merchandise on December 10. On December 12, it returned $3,000 worth of merchandise. On December 15, it paid the balance in full, terms 5/5n/10. What is the journal entry on December 15? Select one: a. DR. A/P 26,650 CR.Cash 26,650 b. DR. A/P 30,000 CR.Cash 28,500 CR.Inventory 1,500 OC. DR. Inventory 1,350 DR.Cash 26,650 CR.A/P 27,000 O d. DR. A/P 27,000 CR.Cash 26,650 CR Inventory 1,350

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Risky Business Principles Of Auditing Property And Casualty Insurance

Authors: Seth A. Davis, CIA, CPA, CPCU, CFA, CISA

1st Edition

0894139711, 978-0894139710

More Books

Students also viewed these Accounting questions

Question

What are financial assets and financial liabilities?

Answered: 1 week ago

Question

What are the different techniques used in decision making?

Answered: 1 week ago