A company purchased $2,600 of merchandise on July 5 with terms 3/10, n/30. On July 7,...

 

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A company purchased $2,600 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned $600 worth of merchandise. On July 12, k paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is: Multiple Choice Debit Cash $2.000, credit Accounts Payable $2.000. Debit Accounts Payable $2,000; credit Merchandise Inventory $60; credit Cash $1940. Debit Merchandise Iinventory $2,.000, credt Cash $2.000 Debit Accounts Payable $2.000: credit Cash $2.000. Debit Accounts Payable $2.600; credit Cash $2600. A company purchased $2,600 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned $600 worth of merchandise. On July 12, k paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is: Multiple Choice Debit Cash $2.000, credit Accounts Payable $2.000. Debit Accounts Payable $2,000; credit Merchandise Inventory $60; credit Cash $1940. Debit Merchandise Iinventory $2,.000, credt Cash $2.000 Debit Accounts Payable $2.000: credit Cash $2.000. Debit Accounts Payable $2.600; credit Cash $2600.

Answer rating: 100% (QA)

Required solution AnswerDebit Accounts Payable 2000 credit Merchandise Inventory 60 Credit Cash 1940 ... View the full answer