Question
McIntyre Company, which uses a perpetual inventory system, made a purchase of merchandise inventory on account from Marvin Company on August 8, for $11,000, terms
McIntyre Company, which uses a perpetual inventory system, made a purchase of merchandise inventory on account from Marvin Company on August 8, for $11,000, terms 3/10, n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre Company is: Accounts Payable... 11,000 Oa. Inventory... 330 Cash. 10.670 Accounts Payable... 10,670 Ob. Cash. 10,670 Accounts Payable.. 11,000 09 Cash 11,000 Accounts Payable... 11.000 Od Purchase Returns and Allowances... Cash 330 10,670 uestion 46 During the month of May, a company performed $2,400 of cash services and $3,300 of services on account. The journal entry at the end of the month to record this transaction would include a: Oa. credit to Accounts Receivable of $2,400. Ob. credit to Accounts Payable of $3,300. Oc. Od debit to Service Revenue of $5,700. debit to Cash of $2,400
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