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On July 12, 2020, Fatima Company made a purchase of merchandise for $15,000 from Brickwood Company, terms 3/10, n/30. On July 13, Fatima returned $600
On July 12, 2020, Fatima Company made a purchase of merchandise for $15,000 from Brickwood Company, terms 3/10, n/30. On July 13, Fatima returned $600 worth of merchandise that were defective. On July 22, Fatima made the appropriate payment to Brickwood. Assuming the company is using periodic inventory system. The entry on July 22 for Fatima Company include a credit to
Select one:
a. Cash, $14,400
b. Accounts payable, $13,968
c. Inventory, $432
d. Purchase discount, $432
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