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Close company purchased OMR 100,000 merchandise inventory from a vendor who offers credit terms of 2/10, n/30. The company uses a perpetual inventory system. The
Close company purchased OMR 100,000 merchandise inventory from a vendor who offers credit terms of 2/10, n/30. The company uses a perpetual inventory system. The company paid the vendor 30 days after receiving the invoice. Which of the following journal entry to record in the Close company for the payment would include? a. Debit to merchandise inventory- discount OMR 200 and credit cash OMR 200 O b. Debit to cash OMR 100,000 and credit A/P OMR 100,000 O C. Debit to accounts payable for OMR 100,000 and Credit to cash OMR 100,000 O d. Debit to accounts payable for OMR 100,000 and credit Inventory OMR 100,000
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