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Title: A company using the perpetual inventory system purchased inventory worth $550,000 on account with ... Post by: H3Ko on Aug 28, 2016 A company using the perpetual inventory system purchased inventory worth $550,000 on account with credit terms of 2/15, n/45. Defective inventory of $70,000 was returned 3 days later, and the accounts were appropriately adjusted. If the company paid the invoice 25 days later, the journal entry to record the payment would be ________.
A) $550,000 debit to Accounts Payable, $540,400 credit to Cash, and $9,600 credit to Merchandise Inventory B) $550,000 debit to Accounts Payable and $550,000 credit to Cash C) $480,000 debit to Accounts Payable and $480,000 credit to Cash D) $540,400 debit to Accounts Payable, $9,600 credit to Merchandise Inventory, and $480,000 credit to Cash Title: Re: A company using the perpetual inventory system purchased inventory worth $550,000 on account ... Post by: Mrgo-breed on Aug 28, 2016 Content hidden
Title: Re: A company using the perpetual inventory system purchased inventory worth $550,000 on account with ... Post by: H3Ko on Oct 12, 2016 I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
Title: Re: A company using the perpetual inventory system purchased inventory worth $550,000 on account ... Post by: Kolaiah Neal on Oct 7, 2019 thanks
Title: Re: A company using the perpetual inventory system purchased inventory worth $550,000 on account ... Post by: Tyler Emery on Mar 9, 2020 Thank you
Title: Re: A company using the perpetual inventory system purchased inventory worth $550,000 on account ... Post by: GraceRoberts on Jul 20, 2020 thanks
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