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Home Q & A Board Other Fields Homework Help Business Accounting
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majestico majestico
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Posts: 1455
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7 years ago
Connect Company bought $6,000 of merchandise from Woods Corporation, terms 2/10, n/30. Connect Company uses the voucher system and the periodic inventory method. The journal entry to record the payment under the gross method after the discount period would be to:
A) debit Vouchers Payable $5,880; credit Cash $5,880.
B) debit Vouchers Payable $5,880; debit Purchases Discount $120; credit Cash $6,000.
C) debit Vouchers Payable $6,000; credit Cash $6,000.
D) debit Vouchers Payable $6,000; credit Purchases Discount $120; credit Cash $5,880.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
Author:
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AugustisAugustis
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7 years ago
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majestico Author
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#2
6 years ago
Yeah, makes a lot more sense. Appreciate this quite a lot
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#3
5 years ago
Happy to help Slight Smile
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