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On July 1, Darin Company sold inventory costing $4,500 to Dee Company for $6,000, terms 2/10, n/30. Both companies use the perpetual inventory system. Dee
On July 1, Darin Company sold inventory costing $4,500 to Dee Company for $6,000, terms 2/10, n/30. Both companies use the perpetual inventory system. Dee Company pays the invoice on July 8 and takes the appropriate discount. What journal entry will be recorded by Dee Company on July 8? Debit Accounts Payable for $6,000, credit Cash for $5,880, and credit Inventory for $120 Debit Accounts Payable and credit Cash for $6,000 Debit Accounts Payable for $5,880, credit Inventory for $120, and credit Cash for $6,000 Debit Cost of Goods Sold and credit Cash for $4,500
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