Question 12 On March 15th, 200X an entity purchased $5,000 of merchandise on account with terms 2/10, n/30. They returned $700 of merchandise on March 18th, 200x. If the invoice is paid on March 25th, 200X, the entry to record the payment is Selected Answer: D. Debit Cash for $4,214 and Purchase Discount for 86 and Credit Accounts Payable for $4,300. Answers: Debit Accounts Payable for $4,300; Credit Cash for $4,300 B. Debit Cash for $4,300; Credit Accounts Payable for $4,300 c. Debit Accounts Payable for 4,300; Credit Cash for 4,214 and Purchase Discount for 86. A. D. Debit Cash for $4,214 and Purchase Discount for 86 and Credit Accounts Payable for $4,300. Question 14 Refer to question 12. If the invoice is paid on March 31st, 200x, the entry to record the payment is Selected Answer: B. Debit Cash for $4,300; Credit Accounts Payable for $4,300. Answers: A. Debit Accounts Payable for $4,300; Credit Cash for $4,300 B. Debit Cash for $4,300; Credit Accounts Payable for $4,300. c. Debit Accounts Payable for $4,300; Credit Cash for $4,214 and Purchase Dicsount fo $86. D. Debit Cash for $4,214 and Purchase Discount for $86; Credit Accounts Payable for $4,300 Question 15 Refer to Question 12. The entry to record the $700 return of merchandise is Selected Answer: C. Debit Sales REturns Allowances for $700; Credit Accounts Payable for $700 Answers: A. Debit Purchase Returns & Allowances for $700; Credit Accounts Payable for $700 B. Debit Accounts Payable for $700; Credit Purchase Returns & Allowances for $700 C. Debit Sales REturns Allowances for $700; Credit Accounts Payable for $700 D. Debit Accounts Payable for $700; Credit Sales Returns & Allowances for $700