Lionel Co. purchased goods costing $5,700. The purchase was made on account with terms of 5/10 n/45. The original purchase was recorded with a DEBIT to Inventory and a CREDIT to Accounts Payable for $5,700. The account was paid in cash after 23 days.

Which ONE of the following is included in the journal entry to record the payment of cash on account after 23 days?

Group of answer choices

A CREDIT to Cash for $5,700

A CREDIT to Accounts Payable for $5,700

A DEBIT to Accounts Payable for $5,415

A DEBIT to Cash for $5,415

A CREDIT to Accounts Payable for $5,415

A CREDIT to Inventory for $285

Answer rating: 100% (QA)

Cost of inventory 5 700 Credit term 5 10 n 45 means if you will pay the amount wit View the full answer