Tedder Co.Tedder uses a periodic inventory system. At the end of January, 20 units were on hand. The following additional information is available for the month of January:
Jan.1Beginning inventory: 10 units at $2 each$20 20Purchased 90 units for $3 each$270 Cost of goods available for sale$290?
Refer to the information provided for Tedder Co. Which of the following entries correctly records the purchase assuming the units were acquired on credit under terms of 2/10, n/30?
A. Inventory 270.00
Cash 270.00
B. Inventory 270.00
Accounts payable 270.00
C. Purchases 264.60
Purchase discounts 5.40
Accounts payable 270.00
D. Purchases 270.00
Accounts payable 270.00
Answer: D
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