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Business, 12.08.2019 16:10 nikolevargas89
Acompany purchased $1,800 of merchandise on july 5 with terms 2/10, n/30. on july 7, it returned $200 worth of merchandise. on july 12, it paid the full amount due. assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on july 12 is:
a)debit merchandise inventory $1,600; credit cash $1,600.
b)debit cash $1,600; credit accounts payable $1,600.
c)debit accounts payable $1,600; credit merchandise inventory $32; credit cash $1,568.
d)debit accounts payable $1,800; credit cash $1,800.
e)debit accounts payable $1,600; credit cash $1,600
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Answers: 2
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Acompany purchased $1,800 of merchandise on july 5 with terms 2/10, n/30. on july 7, it returned $20...
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