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majestico majestico
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6 years ago
On May 1, Garcia Corporation bought $10,000 of merchandise from Morris Corporation, terms 4/10, n/30. Garcia paid the invoice on May 6. The company uses the periodic and voucher systems. The journal entry to record the payment under the net method would be to:
A) debit Vouchers Payable $9,600; credit Cash $9,600.
B) debit Vouchers Payable $10,000; credit Cash $10,000.
C) debit Vouchers Payable $9,600; debit Discounts Lost $400; credit Cash $10,000.
D) debit Vouchers Payable $10,000; credit Discounts Lost $400; credit Cash $9,600.
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College Accounting: A Practical Approach

College Accounting: A Practical Approach


Edition: 13th
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keytwokeytwo
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majestico Author
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#2
6 years ago
This is excellent. Excellent answer
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