A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 3/15, n/30. The company paid $100 cash for freight in. The entry to record the payment of the invoice within 15 days of the invoice date by the purchaser would include ________. (Assume a perpetual inventory system.) A. a debit to Accounts Payable for $2,910 and a credit to Cash for $2,910 B. a debit to Accounts Payable for $3,000, a credit to Merchandise Inventory for $100, and a credit to Cash for $2,900 C. a debit to Accounts Payable for $2,910, a debit to Merchandise Inventory for $90, and a credit to Cash for $3,000 D. a debit to Accounts Payable for $3,000, a credit to Merchandise Inventory for $90, and a credit to Cash for
A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 3/15, n/30. The company paid $100 cash for freight in. The entry to record the payment of the invoice within 15 days of the invoice date by the purchaser would include ________. (Assume a perpetual inventory system.) A. a debit to Accounts Payable for $2,910 and a credit to Cash for $2,910 B. a debit to Accounts Payable for $3,000, a credit to Merchandise Inventory for $100, and a credit to Cash for $2,900 C. a debit to Accounts Payable for $2,910, a debit to Merchandise Inventory for $90, and a credit to Cash for $3,000 D. a debit to Accounts Payable for $3,000, a credit to Merchandise Inventory for $90, and a credit to Cash for
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 13PB: Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash,...
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A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 3/15, n/30. The company paid $100 cash for freight in. The entry to record the payment of the invoice within 15 days of the invoice date by the purchaser would include ________. (Assume a perpetual inventory system.)
a debit to Accounts Payable for
$2,910
and a credit to Cash for $2,910a debit to Accounts Payable for
$3,000,
a credit to Merchandise Inventory for
$100,
and a credit to Cash for $2,900a debit to Accounts Payable for
$2,910,
a debit to Merchandise Inventory for
$90,
and a credit to Cash for $3,000a debit to Accounts Payable for
$3,000,
a credit to Merchandise Inventory for
$90,
and a credit to Cash forExpert Solution
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