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kourtni kourtni
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5 years ago
On June 1, Kennedy Company purchased $9000 of inventory on account from Sterner Company. Sterner Company offers a 3% discount if payment is received within 15 days. Kennedy Company records the purchase using the net method and the perpetual inventory system. The journal entry on June 1 by Kennedy Company includes ________.
A) a debit to Inventory for $9000
B) a credit to Accounts Payable for $9000
C) a credit to Cash for $8730
D) a debit to Inventory for $8730
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
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bobyjawbobyjaw
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kourtni Author
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5 years ago
You're an excellent tutor!
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