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On June 1, Kennedy Company purchased $9000 of inventory on account from Sterner Company. Sterner ...

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On June 1, Kennedy Company purchased $9000 of inventory on account from Sterner Company. Sterner ...

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

Edition: 1^st

Authors: Gordon, Raedy, Sannella

Read 45 times

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More solutions for this book are available here

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