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Home Q & A Board Other Fields Homework Help Business Accounting
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shimaa farouk shimaa farouk
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5 years ago
On June 1, Addison Company purchased $8000 of inventory on account from Garrison Company. Garrison offers a 4% discount if payment is received within 15 days. Addison records the purchase using the gross method and the perpetual inventory system. The journal entry on June 1 by Addison Company includes ________.
A) a debit to Inventory for $7680
B) a credit to Accounts Payable for $7680
C) a debit to Inventory for $8000
D) a credit to Cash for $8000
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
Authors:
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VVBbVVBb
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5 years ago
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shimaa f. Author
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#2
5 years ago
Going to mark this solved!
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#3
5 years ago
Perfect
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