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On September 12, Vondelsy Compary sold metchandise in the amount of $5,800 to Jepson Compary, with credt terms of 2no, n30. The cost of the
On September 12, Vondelsy Compary sold metchandise in the amount of $5,800 to Jepson Compary, with credt terms of 2no, n30. The cost of the ifems sold is $4,000 Jepson uses the periodic invontory system and the gross method of bccounting for purchases. Jepson pays the invoice on September 18 and takes the approprinte discount. The joumbi entry that Jepson makes on September 18 is: \begin{tabular}{|c|c|c|} \hline Account Title & Debit & Credit \\ \hline Purchases & 5,684 & \\ \hline Cash & & 5,684 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline \multicolumn{1}{|c|}{ Account Title } & Debit & Credit \\ \hline Accounts Payable & 5,800 & \\ \hline Merchandise Expense & & 116 \\ \hline Cash & & 5,684 \\ \hline \end{tabular} \begin{tabular}{|l|c|r|} \hline \multicolumn{1}{|c|}{ Account Title } & Debit & Credit \\ \hline Accounts Payable & 5,800 & \\ \hline Purchases Discounts & & 116 \\ \hline Cash & & 5,684 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline Account Title & Debit & Credit \\ \hline Cash & 5,684 & \\ \hline Accounts Receivable & & 5,684 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline \multicolumn{1}{|c|}{ Account Title } & Debit & Credit \\ \hline Cash & 5,684 & \\ \hline Purchases Discounts & 116 & \\ \hline Accounts Payable & & 5,800 \\ \hline \end{tabular}
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