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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
A company that uses the perpetual inventory system purchased inventory for $900,000 on account with terms of 4/7, n/20. Which of the following correctly records the payment made 15 days after the date of invoice?

A) Accounts Payable   900,000   
     Merchandise Inventory      900,000

B) Cash   900,000   
     Accounts Payable      900,000

C) Accounts Payable   900,000   
     Merchandise Inventory      36,000
     Cash      864,000

D) Accounts Payable   900,000   
     Cash      900,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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.unplugged..unplugged.
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H3Ko Author
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#2
7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
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