Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company that uses the perpetual inventory system purchases inventory for $64,000 on account, with terms of 3/10, n/30. Which of the following is the

image text in transcribed
A company that uses the perpetual inventory system purchases inventory for $64,000 on account, with terms of 3/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? O A. a debit to Merchandise Inventory for $1,920, a debit to Accounts Payable for $64,000, and a credit to Cash for O B. a debit to Accounts Payable for $64,000, a credit to Merchandise Inventory for $1,920, and a credit to Cash for O C. a debit to Accounts Payable for $64,000, a credit to Cash for $1,920, and a credit to Merchandise Inventory for O D. a debit to Accounts Payable for $62,080, a debit to Merchandise Inventory for $1,920, and a credit to Cash for $65,920 $62,080 $62,080 $64,000

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

Auditing

Authors: Alan Millichamp, John Taylor

11th Edition

1473749301, 978-1473749306

More Books

Students also viewed these Accounting questions

Question

x-3+1, x23 Let f(x) = -*+3, * Answered: 1 week ago

Answered: 1 week ago