On May 1, Anders Company purchased merchandise in the amount of $5,800 from Shilling, with credit terms of 2/10, n/30. Anders uses the perpetual inventory system and the gross method. The journal entry or entries that Anders will make on May 1 is:
A.
| Merchandise Inventory | 5,800 | |
| Cash | 5,800 |
B.
| Purchases | 5,800 | |
| Accounts payable | 5,800 |
C.
| Merchandise Inventory | 5,800 | |
| Accounts payable | 5,800 |
D.
| Accounts payable | 5,800 | |
| Sales | 5,800 |
E.
| Sales | 5,800 | |
| Accounts receivable | 5,800 |
Answer: C
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