Question: Bruce operates a successful computer store and is flush with cash. He receives a bill from one of his suppliers in the amount of $
Bruce operates a successful computer store and is flush with cash. He receives a bill from one of his suppliers in the amount of $ with payment terms stated as follows: n The bill is dated May and Bruce pays the bill on May taking advantage of the terms. Which entry represents the payment? Assume he uses the periodic inventory system.
Question Select one:
a
Debit accounts payable $ credit cash $ credit purchase discount $
b
Credit accounts payable $ debit cash $
c
Debit accounts payable $ credit cash $ credit merchandise inventory $
d
Debit accounts payable $ credit cash $
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