McIntyre Company (Perpetual Inventory System) made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10 n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre Company is: Debit Accounts Payable 8,000. Credit Cash 8,000. Debit Accounts Payable 7,760. Credit Cash 7,760. Debit Accounts Payable 8,000. Credit Purchase Returns and Allowances 260. Credit Cash 7,760. Debit Accounts Payable 8,000. Credit Inventory 240. Credit Cash 7,760.
McIntyre Company (Perpetual Inventory System) made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10 n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre Company is: Debit Accounts Payable 8,000. Credit Cash 8,000. Debit Accounts Payable 7,760. Credit Cash 7,760. Debit Accounts Payable 8,000. Credit Purchase Returns and Allowances 260. Credit Cash 7,760. Debit Accounts Payable 8,000. Credit Inventory 240. Credit Cash 7,760.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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McIntyre Company (Perpetual Inventory System) made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10 n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre Company is:
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Debit Accounts Payable 8,000. Credit Cash 8,000. |
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Debit Accounts Payable 7,760. Credit Cash 7,760. |
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|
Debit Accounts Payable 8,000. Credit Purchase Returns and Allowances 260. Credit Cash 7,760. |
|
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Debit Accounts Payable 8,000. Credit Inventory 240. Credit Cash 7,760. |
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