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On September 12, Ryan Company sold merchandise in the amount of $8,000 to Johnson Company, with credit terms of 2/10,n/30. The cost of the items

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On September 12, Ryan Company sold merchandise in the amount of $8,000 to Johnson Company, with credit terms of 2/10,n/30. The cost of the items sold is $5,100. Johnson 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 Cash 7,840 7,840 5, 100 102 Sales Refund Payable Accounts receivable 4,998 canon.com/flow/connect.html Saved Help Save & Exit Submit Sales 5 Sales Refund Payable Accounts receivable 4,998 O 8,000 Sales Sales Refund Payable Accounts receivable 160 7.840 O Accounts payable Cash 7,840 O Cash Purchases discounts Accounts payable 8.000

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