On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the itemssold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make onSeptember 12 is:Multiple ChoiceОAccount TitleDebitCreditPurchases5,900Accounts Receivable5,900ОAccount TitleDebitCreditPurchases9,600Accounts payable9,600Account TitleDebitCreditAccounts payable5,900Merchandise inventory5,900Account TitleDebitCreditMerchandise inventory9.600< Prev19 of 50Next >

Credit purchase is where person/business does payment to the seller at a future date for the goods…

On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice Account Title Debit Credit Purchases 5,900 Accounts Receivable 5,900 Account Title Debit Credit Purchases 9,600 Accounts payable 9,600 О Account Title Debit Credit Accounts payable 5,900 Merchandise inventory 5,900 Account Title Debit Credit Merchandise inventory 9.600

On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice Account Title Debit Credit Purchases 5,900 Accounts Receivable 5,900 Account Title Debit Credit Purchases 9,600 Accounts payable 9,600 О Account Title Debit Credit Accounts payable 5,900 Merchandise inventory 5,900 Account Title Debit Credit Merchandise inventory 9.600

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...

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