LOL Music Store uses the periodic inventory system to account for its merchandise. On November 17, it purchased $1,000 of merchandise with terms of 2/5,n/60. If payment is made on November 21, demonstrate the required journal entry to record the payment by selecting a/I of the correct actions below. (Check all that apply.)
a. Credit Accounts Payable $1,000.
b. Credit Cash $980.
c. Credit Purchase Discounts $20.
d. Credit Cash $1,000.
e. Debit Accounts Payable $1,000.
f. Debit Purchase Discounts $20.
g. Credit Merchandise Inventory $20.
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LOL Music Store uses the periodic inventory system to account for its merchandise. On November 17, i...