On March 1, Monterrey Company purchased merchandise inventory on account with a list price of $20,000...

 

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On March 1, Monterrey Company purchased merchandise inventory on account with a list price of $20,000 and credit terms of 2/10, n/30. On August 4 (before the invoice was paid). Monterrey Company returned some of the Inventory. The list price of the returned merchandise was $2,500. Which of the following is the correct general journal entry to record the payment of the invoice assuming that Monterrey Company pays the amount due within the discount perlod? 26.55 Debit Credit Accounts Payable 17,500 Cash 17,500 Accounts Payable Merchandise Inventory Accounts Payable 400 26:42 400 19,600 ok Cash 19,600 Accounts Payable Merchandise Inventory Accounts Payable Cash 350 350 17,150 17150 Accounts Payable Cash 19,650 19,650 On March 1, Monterrey Company purchased merchandise inventory on account with a list price of $20,000 and credit terms of 2/10, n/30. On August 4 (before the invoice was paid). Monterrey Company returned some of the Inventory. The list price of the returned merchandise was $2,500. Which of the following is the correct general journal entry to record the payment of the invoice assuming that Monterrey Company pays the amount due within the discount perlod? 26.55 Debit Credit Accounts Payable 17,500 Cash 17,500 Accounts Payable Merchandise Inventory Accounts Payable 400 26:42 400 19,600 ok Cash 19,600 Accounts Payable Merchandise Inventory Accounts Payable Cash 350 350 17,150 17150 Accounts Payable Cash 19,650 19,650

Answer rating: 100% (QA)

C Accounts Payab... View the full answer