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On April 6, Lopez Co. purchased $5,000 of inventory, terms 1/15, n/30. Lopez Co. uses a perpetual inventory system. The company paid for the purchase
On April 6, Lopez Co. purchased $5,000 of inventory, terms 1/15, n/30. Lopez Co. uses a perpetual inventory system. The company paid for the purchase on April 26. The entry to record the payment on April 26 includes which of the following? Multiple Choice A credit to Inventory for $50 A debit to Accounts Payable for $4,900 A credit to Accounts Payable for $5,000 A credit to Cash for $5,000
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