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bgottlieb410 bgottlieb410
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5 years ago
On June 1, Johnson Company purchased $5000 of inventory on account from Schmid Company on June 1. Schmid Company offers a 4% discount if payment is received within 15 days. Johnson Company records the purchase using the net method and the perpetual inventory system. Johnson Company paid for the inventory on June 30. The journal entry on June 30 by Johnson Company includes ________.
A) a debit to Accounts Payable for $4800
B) a debit to Accounts Payable for $5000
C) a credit to Interest Expense for $200
D) a credit to Cash for $4800
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
Authors:
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hoofygoofyhoofygoofy
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Posts: 208
5 years ago
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bgottlieb410 Author
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5 years ago
I'm still confused, but thanks for answering correctly
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