Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company that uses the perpetual inventory system purchases inventory for $63,000 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 $63,000 on account, with terms of 3/10, n/30. Which of the following is the journal entry to record the payment made within 3 days? a debit to Accounts payable for $63,000, a credit to Merchandise Inventory for $1, 890, and a credit to Cash for $61, 110 a debit to Merchandise Inventory for $1, 890, a debit to Accounts Payable for $63,000, and a credit to Cash for $64, 890. a debit to Accounts Payable for $61, 110, a debit to Merchandise Inventory for $1, 890, and a credit to Cash for $63,000. a debit to Accounts payable for $64, 890 and a credit to Cash for $63,000 and a debit to Merchandise Inventory for $1, 890

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

Hotel Operations Simulation And Auditing Manual

Authors: Gail E. Sammons, Cihan Cobanoglu

1st Edition

0131704613, 978-0131704619

More Books

Students also viewed these Accounting questions

Question

Distinguish the difference between a prototype and a concept.

Answered: 1 week ago

Question

how to find the working capital

Answered: 1 week ago

Question

Why We Listen?

Answered: 1 week ago