Good Afternoon,

I hope all is well. I am having trouble answering the following questions. Can you please assist?

ABC Company began operations on March 1, 2019.

Inventory Purchases: $10,500

Inventory Purchase Date: March 1, 2018

Payment Terms: 2/10/n/30

Payment Date: March 12, 2018

(a)Using the above information only, write the journal entry for March 12 payment on Inventory you had bought on March 1?

Use this format:

Debit Account Name

Credit Account Name

Note: Your entry may have more than one debit or credit

(b)After you made the payment, what is the balance in the Inventory account in your books?

( c) After you made the payment, what is the Accounts Payable Balance involving this scenario?