A company that uses the perpetual inventory system purchases inventory for $63,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days?
A) a debit to Accounts Payable for $63,000, a credit to Cash for $61,740, and a debit to Merchandise Inventory for $1,260
B) a debit to Accounts Payable for $63,000, a credit to Merchandise Inventory for $1,260, and a credit to Cash for $61,740
C) a debit to Merchandise Inventory for $1,260, a debit to Accounts Payable for $63,000, and a credit to Cash for $64,260
D) a debit to Accounts Payable for $61,740, a debit to Merchandise Inventory for $1,260, and a credit to Cash for $63,000
B
You might also like to view...
Electronic bulletin boards can be accessed
a. by joining a listserv first. b. by subscribers. c. by anyone. d. through company channels
If a marketing researcher wishes to reach those people who would not give personal interviews or whose responses might be biased or distorted by interviewers, he or she should use ________
A) mail questionnaires B) telephonic interviews C) online interviews D) focus groups E) observational research
Marsh, Inc. provides the following information:
Calculate the sales volume variance.
A) 30,500 F
B) 30,500 U
C) $76,000 U
D) $106,500 F
From an AIDA model perspective, ________ advertising seeks to gain awareness and initial interest and is used mostly in the early growth stages of a product.
A. comparative B. institutional C. competitive D. covert E. pioneering