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A company purchased $3,200 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $900 worth of merchandise. On July
A company purchased $3,200 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $900 worth of merchandise. On July 12 full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct jour record the payment on July 12 is: ple Choice Debit Accounts Payable $2.300; credit Cash $2.300. Debit Accounts Payable $3.200: credit Cash $3,200 Debit Merchandise Inventory $2,300, credit Cash $2,300 Debit Cash $2.300, credit Accounts Payable $2.300
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