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Title: On May 1, Garcia Corporation bought $10,000 of merchandise from Morris Corporation, terms 4/10, ... Post by: majestico on Jun 6, 2017 On May 1, Garcia Corporation bought $10,000 of merchandise from Morris Corporation, terms 4/10, n/30. Garcia paid the invoice on May 6. The company uses the periodic and voucher systems. The journal entry to record the payment under the net method would be to:
A) debit Vouchers Payable $9,600; credit Cash $9,600. B) debit Vouchers Payable $10,000; credit Cash $10,000. C) debit Vouchers Payable $9,600; debit Discounts Lost $400; credit Cash $10,000. D) debit Vouchers Payable $10,000; credit Discounts Lost $400; credit Cash $9,600. Title: Re: On May 1, Garcia Corporation bought $10,000 of merchandise from Morris Corporation, terms 4/10, ... Post by: keytwo on Jun 6, 2017 Content hidden
Title: Re: On May 1, Garcia Corporation bought $10,000 of merchandise from Morris Corporation, terms 4/10, ... Post by: majestico on Sep 3, 2017 This is excellent. Excellent answer
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