Question
Match the correct journal entry to the transaction described. Note, ABC Company uses a periodic inventory system. Sold inventory to a customer for $2,500; Choose...
Match the correct journal entry to the transaction described. Note, ABC Company uses a periodic inventory system. Sold inventory to a customer for $2,500; Choose... terms 2/10, n/45 (cost of sales $2,300) Purchased $10,000 of inventory, Choose... terms 1/15, n/30. Paid for $10,000 of inventory purchase less a return of $400. Choose... Payment was not made within the $400. Payment was not made within the earlier payment terms. Received payment from a customer Choose... Choose... Dr. AP $400 Cr. Inventory $400 Dr. AP $10,000 Cr. Cash $10,000 Dr. AR $2,500 Cr. Sales $2,500 Dr. Inventory $10,000 Cr. AP $10,000 Dr. AP $400 Cr. Purchase Returns and Allowances $400 Dr. AP $9,600 Cr. Cash $9,600 Dr. Cash $2,450 Dr. Sales Discount $50 Cr. AR $2,500 Dr. AR $2,500 Cr. Sales $2,500 AND Dr. COGS $2,300 Cr. Inventory $2,300 Dr. Cash $2,450 Dr. Inventory $50 Cr. AR $2,500 Dr. Purchases $10,000 Cr. AP $10,000 who purchased $2,500 of product with terms of 2/10, n/45. The customer paid within 10 days of sale. Returned $400 of unacceptable Choose.... who purchased $2,500 of product with Choose... terms of 2/10, n/45. The customer paid within 10 days of sale. Returned $400 of unacceptable inventory to the supplier. The supplier had not yet been paid. Choose
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