Question: QUESTION 16 If merchandise for resale is purchased for $2,000, terms 2/10, n/30, the entry to record the purchase should be which of the following

QUESTION 16 If merchandise for resale is purchased for $2,000, terms

QUESTION 16 If merchandise for resale is purchased for $2,000, terms 2/10, n/30, the entry to record the purchase should be which of the following (assuming a periodic inventory system)? Debit Credit A 1,960 Inventory Accounts payable B 1,960 $2,000 Trade payables 1,960 Inventory 1,960 Trade payables 2,000 Trade payables Inventory 2,000 D Purchases 2,000 O Choice B O Choice D O Choice A O Choice C

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

PART 2 Salmons Stores operates a national chain of women's apparel stores. Five thousand copies of an expensive four-color sales catalog have been printed, and each catalog includes a coupon that...

Need help with the transaction set. Journal & ledgers ASAP OPERATING INSTRUCTIONS Introduction After you register for Seaside Marina, you will receive an email from Ivy Software containing three...

I just need help in correcting the figures. I did here in excel but few figure in doc are different. I need someone to fix it as per data in word. i have one hour. Will tip 30 dd9/17/2015...

This is for accounting. I need the answers as soon as possible to compare because my professor will not help. The transaction set and workbook is attached. OPERATING INSTRUCTIONS Introduction After...

June 28 (Monday) 1. Discovered error made by Jack Hobie. One-third ($270.00) of the supplies purchased from Beach Office Supply on June 2 were actually store supplies rather than office supplies. 2....

What are the journal entries for a periodic system and what journal would each translation fall into (general journal, cash receipts, cash payments, purchases, or sales)? 0000 Verizon 1:03 PM...

Define merchandise inventory . What types of costs are included in the Merchandise Inventory account? What is the difference between a product cost and a selling and administrative cost? How is the...

Dumax Company completed the following transactions during 2018. The company's fiscal year ends on December 31, 2018. Jan. 2 Paid accrued interest in the amount of $52,000. Apr. 30 Borrowed $550,000...

Can someone please help me with journalizing these transactions! I tried to, but i cant get it to balance when trial balancing, i always get an excess of 3,600 on the credit side. Video Call:...

please solve 3 and 4 Jan. 2 Paid accrued interest in the amount of $52,000. Apr. 30 Borrowed $550,000 from Commerce Bank; signed a 12-month, 6 percent interest-bearing note. May 20 Sold merchandise...

Questions 1,2,3,4 ! P9-1 Recording and Reporting Current Liabilities with Discussion of the Effects on the Quick Ratio (E (API-1); L09-1,29-6 Dumax Company completed the following transactions during...

Discuss the advantages of XML.

Zackery Woodworking Corporation produces fine cabinets. The company uses a job-order costing system in which its predetermined overhead rate is based on capacity. The capacity of the factory is...

Which of these is correct about reaffirmation of a debt after it was discharged in bankruptcy?

With the BCG Matrix, growth strategies are divided into 4 quadrants True False

9. Are there consequences for colleagues who engage in demeaning or prejudicial behavior toward others?

13. Develop a detailed action plan to achieve this vision, and make commitments for particular actions necessary to bring your vision to fruition.

1. Do others see you acting comfortable around colleagues with nontraditional demographics (i.e., age, education, ethnicity, gender, race)?