A company purchased $3,100 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $850 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:

Debit Accounts Payable $2250

Credit Merchandise Inventory $67.50

Credit Cash $2,182.50

Explanation:

Based on the information given Assuming the company uses a perpetual inventory system to t records the purchases using the gross method, the correct journal entry to record the payment on July 12 will be :

Debit Accounts Payable $2250

($3100-$850)

Credit Merchandise Inventory $67.50

[(3%*3100)-(3%*850)]

Credit Cash $2,182.50

($2250-$67.50)

answer; complain or request hazard correction from your employer;

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

your welcome leave a rate and a < 3