Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On September 12, Ryan Company sold merchandise in the amount of $9,800 to Johnson Company, with credit terms of 3/10, n/30. The cost of the
On September 12, Ryan Company sold merchandise in the amount of $9,800 to Johnson Company, with credit terms of 3/10, n/30. The cost of the items sold is $6,000. Johnson uses the periodic inventory system and the net method of accounting for purchases. The journal entry that Johnson will make on September 12 is:
Multiple Choice
-
Merchandise inventory 6,000 Accounts payable 6,000 -
Purchases 9,800 Accounts payable 9,800 -
Accounts payable 9,800 Merchandise inventory 9,800 -
Merchandise inventory 9,506 Accounts payable 9,506 -
Purchases 9,506 Accounts payable 9,506
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started