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Lighting Co. purchases $500 of lanterns on account on July 5, with credit terms of 5/10, n/30. Ignoring shipping terms, what is the journal entry

Lighting Co. purchases $500 of lanterns on account on July 5, with credit terms of 5/10, n/30. Ignoring shipping terms, what is the journal entry that Lighting Co. will record for the purchase of lanterns?

Dr Accounts Payable 475; Cr Inventory 475

Dr Inventory 500; Cr Cash 500

Dr Inventory 475; Cr Accounts Payable 475

Dr Inventory 500; Cr Accounts Payable 500

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