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XYZ Company uses a perpetual inventory system. The company purchased $10,000 of merchandise on December 1 with terms 2/10, n/30. On December 8, it returned
XYZ Company uses a perpetual inventory system. The company purchased $10,000 of merchandise on December 1 with terms 2/10, n/30. On December 8, it returned $2,000 worth of merchandise. On December 10, it paid the full amount due. What is the journal entry that will be made on the date the full payment is made? Select one: a. $7,860 Merchandise Inventory Cash $7,860 ob. Accounts Payable $7,840 Cash $7,840 o Credit Debit $8,000 Accounts Payable Cash Merchandise Inventory $7,840 $160 o d d. Accounts Payable 7,860 Cash 7,860 Accounts Payable $8,000 Cash $8,000
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