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Benson Company uses a perpetual inventory system. On November 10, Benson purchased $3,000 of merchandise inventory on account with terms 2/10, n/30. On November 20,
Benson Company uses a perpetual inventory system. On November 10, Benson purchased $3,000 of merchandise inventory on account with terms 2/10, n/30. On November 20, Benson paid for this purchase, taking advantage of the discount. What journal entry should be made to record the November 20 transaction? Multiple Choice Account Debit Credit Accounts Payable 3,000 Inventory 60 Cash 2,940 Account Debit Credit Accounts Payable 3,000 Cash 3,000 Account Debit Credit Accounts Payable 2,940 Sales Discounts 60 Cash 3,000 Account Debit Credit Accounts Payable 3,000 Purchase Discounts 60 Cash 2,940
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