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Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 1/10, 1/30 for $17.000. Assume the company uses a perpetual inventory system, and records
Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 1/10, 1/30 for $17.000. Assume the company uses a perpetual inventory system, and records purchases using the gross method. When recording the purchase transaction in its purchases journal, Farthington would enter: Multiple Choice O $17,000 in the Accounts Payable column and $17,000 in the Supplies Dr. column 0 o $17.000 in the Inventory Dr. column $16,830 in the Accounts Payable column, and $170 in the Purchase Discount C. column o $17.000 in the Accounts Payable column and $17,000 in the Inventory Dr. column 0 $17,000 in the Other Accounts Dr. column and $17,000 in the inventory column o o $16.830 in the Inventory Dr. column and $16,830 in the Accounts Payable column
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