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Home Q & A Board Other Fields Homework Help Business Accounting
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Fast2F Fast2F
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7 years ago
Laird Corporation bought $5,000 of merchandise from Woods Corporation, terms 2/10, n/30. The company uses the periodic inventory system and the voucher system. The journal entry to record the payment under the net method after the discount period would be to:
A) debit Vouchers Payable $4,900; debit Discounts Lost $100; credit Cash $5,000.
B) debit Vouchers Payable $4,900; credit Cash $4,900.
C) debit Vouchers Payable $5,000 credit Cash $5,000.
D) debit Vouchers Payable $5,000; credit Discounts Lost $100; credit Cash $4,900.
Textbook 
College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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LaffioLaffio
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7 years ago
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Fast2F Author
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#2
7 years ago
I was skeptical at first but decided to give this a try.

Happy I did, you guys are so smart
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