Question
A company that uses the perpetual inventory system purchases inventory for $63,000 on account, with terms of 2/10, n/30. Which of the following is the
A company that uses the perpetual inventory system purchases inventory for $63,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days?
Group of answer choices
a debit to Accounts Payable for $63,000, a credit to Cash for $61,740, and a debit to Merchandise Inventory for $1,260
a debit to Accounts Payable for $63,000, a credit to Merchandise Inventory for $1,260, and a credit to Cash for $61,740
a debit to Merchandise Inventory for $1,260, a debit to Accounts Payable for $63,000, and a credit to Cash for $64,260
a debit to Accounts Payable for $61,740, a debit to Merchandise Inventory for $1,260, and a credit to Cash for $63,000
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