On June 3, Addison Company purchased merchandise worth $1,600 on credit, terms 2/10, n/30. The account was paid on June 10. What is the required journal entry to record the payment under the periodic inventory system?
A) Accounts Payable 1,568 Purchases Discounts 32Cash 1,600
B) Accounts Payable 1,600 Purchases Discounts 32Cash 1,568
C) Cash 1,568 Purchases Discounts 32Accounts Payable 1,600
D) Cash 1,600 Purchases Discounts 32Accounts Payable 1,632
B
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