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Home Q & A Board Other Fields Homework Help Business Accounting
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drake34 drake34
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5 years ago
Avery Company uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $10,000. The terms of invoice were 5/10, n/30. The amount due was paid on February 9. Which of the following journal entries correctly records the payment in the books of Avery Company?

A)
Accounts Payable10,000
     Purchase Discounts500
     Cash9,500

B)
Accounts Payable10,000
     Cash10,000

C)
Accounts Payable10,000
     Purchases10,000

D)
Accounts Payable10,000
     Merchandise Inventory500
     Cash9,500
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
Authors:
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ashkatnewashkatnew
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5 years ago
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drake34 Author
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#2
5 years ago
Makes more sense now, have a good weekend!
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