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Crane Company uses the perpetual inventory system. Crane Company made a purchase of merchandise on credit from Blossom Company on August 8, for $8000, terms
Crane Company uses the perpetual inventory system. Crane Company made a purchase of merchandise on credit from Blossom Company on August 8, for $8000, terms 2/10, n/30. On August 17, Crane makes the appropriate payment to Blossom. The entry on August 17 for Crane Company is:
Accounts Payable | 8000 | |
Inventory | 160 | |
Cash | 7840 |
Accounts Payable | 8000 | |
Cash | 8000 |
Accounts Payable | 7840 | |
Cash | 7840 |
Accounts Payable | 8000 | |
Purchase Returns and Allowances | 160 | |
Cash | 7840 |
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