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Title: On June 1, Johnson Company purchased $5000 of inventory on account from Schmid Company on June 1. ... Post by: bgottlieb410 on Jul 22, 2018 On June 1, Johnson Company purchased $5000 of inventory on account from Schmid Company on June 1. Schmid Company offers a 4% discount if payment is received within 15 days. Johnson Company records the purchase using the net method and the perpetual inventory system. Johnson Company paid for the inventory on June 30. The journal entry on June 30 by Johnson Company includes ________.
A) a debit to Accounts Payable for $4800 B) a debit to Accounts Payable for $5000 C) a credit to Interest Expense for $200 D) a credit to Cash for $4800 Title: On June 1, Johnson Company purchased $5000 of inventory on account from Schmid Company on June 1. ... Post by: hoofygoofy on Jul 22, 2018 Content hidden
Title: On June 1, Johnson Company purchased $5000 of inventory on account from Schmid Company on June 1. ... Post by: bgottlieb410 on Jul 22, 2018 I'm still confused, but thanks for answering correctly
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