Farthington Soccer Supplies purchases merchandise from a supplier on credit, terms 2/10, n/30 for $15,300. Assume the company uses a perpetual inventory system, and records purchases using the gross method. When recording the purchase transaction in its purchases journal, Farthington would enter:
A. $14,994 in the Inventory Dr. column and $14,994 in the Accounts Payable Cr. column.
B. $15,300 in the Inventory Dr. column, $14,994 in the Accounts Payable Cr. column, and $306 in the Purchase Discount Cr. column.
C. $15,300 in the Accounts Payable Cr. column and $15,300 in the Supplies Dr. column.
D. $15,300 in the Other Accounts Dr. column and $15,000 in the Inventory Cr. column.
E. $15,300 in the Accounts Payable Cr. column and $15,300 in the Inventory Dr. column.
Answer: E
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