Morgan, Inc. uses a perpetual inventory system and the net method of recording purchases. On May 12, a merchandise purchase of $16,000 was made on credit, 3/10, n/30. The journal entry to record this purchase is:
A.
| Merchandise Inventory | 16,000? | |
| Accounts Payable | 16,000? |
B.
| Merchandise Inventory | 15,520? | |
| Accounts Payable | 15,520? |
C.
| Purchases | 16,000? | |
| Accounts Payable | 16,000? |
D.
| Purchases | 15,520? | |
| Accounts Payable | 15,520? |
E.
| Accounts Payable | 16,000? | |
| Merchandise Inventory | 16,000? |
Answer: B
Business
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