On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The invoice was paid on June 27. The company uses a perpetual inventory system and records purchases gross. The June 27 journal entry to record payment of the account would include: Select one: а. a credit to Cash for $30,000. O b. a debit to Accounts Payable for $29,400. Ос. a credit to Purchases Discounts for $600. O d. a credit to Inventory for $600.
On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The invoice was paid on June 27. The company uses a perpetual inventory system and records purchases gross. The June 27 journal entry to record payment of the account would include: Select one: а. a credit to Cash for $30,000. O b. a debit to Accounts Payable for $29,400. Ос. a credit to Purchases Discounts for $600. O d. a credit to Inventory for $600.
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 16MC: Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would...
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