Items 29, 30 and 31 relates to a purchase transaction of merchandise under the perpetual inventory...
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Items 29, 30 and 31 relates to a purchase transaction of merchandise under the perpetual inventory system. On October 1, Golden Rams Company purchased merchandise on account for $100,000 with credit terms of 2/10, n/30. What is the journal entry to record this transaction on October 1? Debit-Merchandise Inventory, 100,000: Credit--Accounts Payable, 100,000 Debit- -Purchases, 98,000; Credit Accounts Payable, 98,000. Debit- -Purchases, 100,000; Credit--Accounts Payable, 100,000 Debit--Merchandise Inventory, 98,000: Credit- -Accounts Payable, 98,000 Items 29, 30 and 31 relates to a purchase transaction of merchandise under the perpetual inventory system. On October 1, Golden Rams Company purchased merchandise on account for $100,000 with credit terms of 2/10, n/30. What is the journal entry to record this transaction on October 1? Debit-Merchandise Inventory, 100,000: Credit--Accounts Payable, 100,000 Debit- -Purchases, 98,000; Credit Accounts Payable, 98,000. Debit- -Purchases, 100,000; Credit--Accounts Payable, 100,000 Debit--Merchandise Inventory, 98,000: Credit- -Accounts Payable, 98,000
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The journal entry to record the transaction on Oct 1 is Debit Merchandise Inven... View the full answer
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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