Morgan, Inc. uses a perpetual inventory system and the net method of recording purchases. On May 12, a merchandise purchase of $15,000 was made on credit, 2/10, n/30. The journal entry to record this purchase is:
A.
| Merchandise Inventory | 14,700 | |
| Accounts Payable | 14,700 |
B.
| Purchases | 15,000 | |
| Accounts Payable | 15,000 |
C.
| Accounts Payable | 15,000 | |
| Merchandise Inventory | 15,000 |
D.
| Merchandise Inventory | 15,000 | |
| Accounts Payable | 15,000 |
E.
| Purchases | 14,700 | |
| Accounts Payable | 14,700 |
Answer: A
Business
You might also like to view...
What is the reason for a low rated security to generate a high yield to maturity?
What will be an ideal response?
Business
Discuss six methods a writer can use to create a conversational tone in a business message
Indicate whether the statement is true or false.
Business
Historically, utilitarians place a very high value on individual freedom of choice, even though free individuals do not always choose what is good for them.
Answer the following statement true (T) or false (F)
Business
There are products or services that can be either sold in a basic form or be processed further
Indicate whether the statement is true or false
Business