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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
Avery, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $25,000. The terms of invoice were 3/10, 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, Inc.?

A) Accounts Payable   25,000   
     Cash      25,000

B) Accounts Payable   25,000   
     Merchandise Inventory      750
     Cash      24,250

C) Accounts Payable   25,000   
     Purchase Discounts      750
     Cash      24,250

D) Accounts Payable   25,000   
     Purchases      25,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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Mrgo-breedMrgo-breed
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7 years ago
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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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#3
7 years ago
Excellent Slight Smile
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#4
4 years ago
Excellent answer
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