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Q5.4: Purchases were made on account on August 5 in the amount of $100,000 with terms of 1/10, n/30. The bill was paid on
Q5.4: Purchases were made on account on August 5 in the amount of $100,000 with terms of 1/10, n/30. The bill was paid on August 14, If a perpetual inventory system is used, the journal entry to record the payment of the bill would include a A debit to Accounts Payable for $99,000. B credit to Cash for $100,000. C credit to Inventory for $1,000. D credit to Accounts Receivable for $100,000.
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