Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A company that uses the perpetual inventory system purchases inwentory for $62.000 on account with terms of 8/10, 1/30. Which of the following is the

image text in transcribed
A company that uses the perpetual inventory system purchases inwentory for $62.000 on account with terms of 8/10, 1/30. Which of the following is the journal entry to record the payment made within 10 days? O A a debit to Merchandise Inventory for $1.860, a debit to Accounts Payable for $62.000, and a credit to Cash for $63,860 O B. a debt to Accounts Payable for $62.000, a credit to Merchandise Inventory for $1,860, and a credit to Cash for 560,140 O c. a debit to Accounts Payable for $60.140, a debit to Merchandise Inventory for $1,860, and a credit to Cash for $62.000 OD. a debt to Accounts Payable for 562,000, a credit to Cash for 51,860, and a credit to Merchandise inventory for 560,140

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

Dynamical Corporate Finance

Authors: Umberto Sagliaschi, Roberto Savona

1st Edition

3030778525, 9783030778521

More Books

Students also viewed these Accounting questions

Question

=+ How can they be incorporated into social media content?

Answered: 1 week ago