× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
t
7
m
6
k
6
F
5
j
5
t
5
j
5
G
5
f
5
a
5
d
5
c
5
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
ritvikc ritvikc
wrote...
Posts: 335
Rep: 0 0
5 years ago
On June 1, Atkinson Company purchased $10,000 of inventory on account from Donnie Company. Donnie Company offers a 3% discount if payment is received within 15 days. Atkinson Company records the purchase using the gross method and the perpetual inventory system. Atkinson Company makes the payment for the inventory on June 10. The journal entry on June 10 by Atkinson Company includes ________.
A) a debit to Cash for $10,000
B) a credit to Cash for $9700
C) a debit to Inventory for $300
D) a credit to Interest Expense for $300
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
Authors:
Read 47 times
2 Replies

Related Topics

Replies
wrote...
#1
5 years ago
 B
Explanation:  $10,000  97% = $9700
ritvikc Author
wrote...
#2
5 years ago
White Heavy Checkmark Correct!
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1026 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 319
  
 39
  
 200
Your Opinion
What's your favorite math subject?
Votes: 314
Previous poll results: Do you believe in global warming?