ch uses the perpetual method, records merchandise purchases On October 3, VeCo buys $42,000 of merchandise on account. at gross. Terms are On October 11, VeCo pays $31,360. What entry does VeCo record on October 11? 2/10, n/40. On October 9, VeCo returns goods that cost $10,000. a. Accounts Payable 31,360 Cash 31,360 b. Accounts Payable 32,000 Cash Purchase Discounts 31,360 640 c. Accounts Payable Inventory d. Accounts Payable 32,000 Cash 31,360 640 31,360 640 Purchase Discounts Cash Inventory 31,360 640 8. MoCo begins operations in April, uses the perpetual method, and records merchandise purchases at net. MoCo makes two purchases on account. Terms are 1/15, n/45. On April 4, MoCo purchases merchandise for $3,000, which it pays for on April 16. On April 11, it makes a $9,000 purchase that it pays for on April 29, but there are no sales in April. On April 30, the balance in MoCo's inventory ledger account is b. $11,970 c. $11,880 d. $11,910 a. $12,000 9. XaCo begins business in June and uses the periodic method. Its June merchandise purchases are $195,000 on account, F.O.B. shipping point. Merchandise that cost $3,000 is returned for credit. Goods that XaCo sells for $11,000 and that cost $7,000 are returned to XaCo for cash refunds. On July 6, XaCo pays a $6,000 freight bill for its June purchases. The net cost of XaCo's June purchases is a. $205,000 b. $198,000 c. $192,000 d. $209,000