A company that uses the periodic inventory method purchases inventory of $1,000 on account with terms of 2 10 net 30 Which of the following entries would be made to record the payment for the inventory if the payment is made within 10 days Question 1 options The accounting entry would be a $980 debit to Accounts Payable, a $20 debit to Purchase Discounts and a $1,000 credit to Cash The accounting entry would be a $1,000 debit to Accounts Payable and a $1,000 credit to Cash The accounting entry would be a $20 debit to Purchase Discounts, a $1,000 debit to Accounts Payable and a $1,020 credit to Cash The accounting entry would be a $1,000 debit to Accounts Payable, a $20 credit to Purchase Discounts and a $980 credit to Cash A company uses the periodic inventory method Which of the following entries would be made to record a return of $200 of inventory purchased on account Question 2 options The accounting entry would be a $200 debit to Purchase Returns and Allowances and a $200 credit to Accounts Payable The accounting entry would be a $200 debit to Accounts Payable and a $200 credit to Purchases The accounting entry would be a $200 debit to Purchases and a $200 credit to Accounts Payable The accounting entry would be a $200 debit to Accounts Payable and a $200 credit to Purchase Returns and Allowances A company that uses the periodic inventory method purchases inventory of $1,000 on account with terms of 2 10 net 30 Defective inventory of $200 is returned 2 days later Which of the following entries would be made to record the payment for the inventory if the payment is made within 10 days Question 3 options The accounting entry would be a $784 debit to Accounts Payable, a $16 debit to Purchase Discounts and a $800 credit to Cash The accounting entry would be an $800 debit to Accounts Payable, a $16 credit to Purchase Discounts and a $784 credit to Cash The accounting entry would be an $800 debit to Accounts Payable and an $800 credit to Cash The accounting entry would be a $16 debit to Purchase Discounts, an $800 debit to Accounts Payable and an $816 credit to Cash

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A company that uses the periodic inventory method purchases inventory of $1,000 on account with terms of 2/10 net/30. Which of the following entries would

A company that uses the periodic inventory method purchases inventory of $1,000 on account with terms of 2/10 net/30. Which of the following entries would be made to record the payment for the inventory if the payment is made within 10 days?

Question 1 options:

	The accounting entry would be a $980 debit to Accounts Payable, a $20 debit to Purchase Discounts and a $1,000 credit to Cash.
	The accounting entry would be a $1,000 debit to Accounts Payable and a $1,000 credit to Cash.
	The accounting entry would be a $20 debit to Purchase Discounts, a $1,000 debit to Accounts Payable and a $1,020 credit to Cash.
	The accounting entry would be a $1,000 debit to Accounts Payable, a $20 credit to Purchase Discounts and a $980 credit to Cash.

A company uses the periodic inventory method. Which of the following entries would be made to record a return of $200 of inventory purchased on account?

Question 2 options:

	The accounting entry would be a $200 debit to Purchase Returns and Allowances and a $200 credit to Accounts Payable.
	The accounting entry would be a $200 debit to Accounts Payable and a $200 credit to Purchases.
	The accounting entry would be a $200 debit to Purchases and a $200 credit to Accounts Payable.
	The accounting entry would be a $200 debit to Accounts Payable and a $200 credit to Purchase Returns and Allowances.

A company that uses the periodic inventory method purchases inventory of $1,000 on account with terms of 2/10 net/30. Defective inventory of $200 is returned 2 days later. Which of the following entries would be made to record the payment for the inventory if the payment is made within 10 days?

Question 3 options:

	The accounting entry would be a $784 debit to Accounts Payable, a $16 debit to Purchase Discounts and a $800 credit to Cash.
	The accounting entry would be an $800 debit to Accounts Payable, a $16 credit to Purchase Discounts and a $784 credit to Cash.
	The accounting entry would be an $800 debit to Accounts Payable and an $800 credit to Cash.
	The accounting entry would be a $16 debit to Purchase Discounts, an $800 debit to Accounts Payable and an $816 credit to Cash.