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Dublin, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $16,000. The terms were 3/10, n/30. On February
Dublin, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $16,000. The terms were 3/10, n/30. On February 2, it returned damaged goods worth $400 to the supplier. Give the journal entry for the payment if the invoice is paid after the discount period. (Round your answers to the nearest dollar.) 16,000 O A. Accounts Payable Cash Purchase Discounts 15,520 480 O B. Cash Purchase Discounts Accounts Payable 15,520 480 16,000 16,000 16,000 O C. Cash Accounts Payable OD. Accounts Payable Cash 15,600 15,600
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