Answered step by step
Verified Expert Solution
Link Copied!

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Facilities Managers Reference Management Planning Building Audits Estimating

Authors: Harvey H. Kaiser

1st Edition

0876291426, 978-0876291429

More Books

Students also viewed these Accounting questions