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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

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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. Johnison uses the periodic inventory system and the net method of accounting for purchases. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Johnson makes on September 18 is: Multiple Choice Purchases 9,506 Cash 9,5e6 Accounts payable Merchandise inventory 6,000 180 s,820 Cash Accounts payable Purchases discounts 9,800 294

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