On September 12, Ryan Company sold merchandise in the amount of $7200 to Johnson Company, with credit terms of 2.00/10, n/30. The cost of the items sold is $4700. Johnson uses the periodic inventory system and the net method of accounting for purchases. The journal entry that Johnson will make on September 12 is:
A.
| Accounts payable | 7200? | |
| Merchandise inventory | 7200? |
B.
| Purchases | 7056? | |
| Accounts payable | 7056? |
C.
| Merchandise inventory | 4700? | |
| Accounts payable | 4700? |
D.
| Purchases | 7200? | |
| Accounts payable | 7200? |
E.
| Merchandise inventory | 7056? | |
| Accounts payable | 7056? |
Answer: B
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