Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 18 A company that uses the perpetual inventory system purchases inventory for $72,000 on account, with terms of 3/10, n/30 Which of the following

image text in transcribed
QUESTION 18 A company that uses the perpetual inventory system purchases inventory for $72,000 on account, with terms of 3/10, n/30 Which of the following is the journal entry to record the payment made within 10 days? a debit to Accounts Payable for $72,000, a credit to Cash for $2,160, and a credit to Merchandise Inventory for $69,840 O a debit to Accounts Payable for $72,000, a credit to Merchandise Inventory for $2,160, and a credit to Cash for $69,840 a debit to Merchandise Inventory for $2,160, a debit to Accounts Payable for $72,000, and a credit to Cash for $69,840 a debit to Accounts Payable for $69,840, a debit to Merchandise Inventory for $2,160, and a credit to Cash fc $72,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions