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upton upton
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7 years ago
Clip Company bought $7,500 of merchandise from Tarpon Corporation, terms 1/10, n/45. Clip Company uses the voucher system and the periodic inventory method.The journal entry to record the payment under the gross method after the discount period would be to:
A) debit Vouchers Payable $7,425; debit Purchases Discount $75; credit Cash $7,500.
B) debit Vouchers Payable $7,500; credit Cash $7,500.
C) debit Vouchers Payable $7,425; credit Cash $7,425.
D) debit Vouchers Payable $7,500; credit Purchases Discount $75; credit Cash $7,425.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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OmpaOmpa
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7 years ago
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