8. On October 9, 2020, Polk Corporation sold merchandise to a customer for $1,000,000 on credit, terms 2/10,n/30. Cost of the merchandise sold was $600,000. The customer paid for the purchase on October 14. Whataccount should Polk Corporation debit on October 14? Polk uses periodic inventory system.Accounts Receivable for $980,000.b. Cash for $1,000,000.а.Cash for $980,000.d. Accounts Receivable for $1,000,000.с.9. Butterfly, Inc, purchased merchandise from a supplier on October 1, 2020, for $50,000 on account, terms 1/10,n/30. What entry would Butterfly use to record this purchase if the company uses perpetual inventory system.Accounts PayableInventoryа.50,00050,000b. Inventory49,500Accounts Payable49,500Purchases49,500с.Accounts Payable49,500d. Inventory50,000Accounts Payable50,000

Hi student, Since there are multiple questions, we will answer only first question.

/30. Cost of the merchandise sold was $600,000. The customer paid for the purchase on October 14. What ccount should Polk Corporation debit on October 14? Polk uses periodic inventory system. Accounts Receivable for $980,000. b. Cash for $1,000,000. c. Cash for $980,000. d. Accounts Receivable for $1,000,000. а.

/30. Cost of the merchandise sold was $600,000. The customer paid for the purchase on October 14. What ccount should Polk Corporation debit on October 14? Polk uses periodic inventory system. Accounts Receivable for $980,000. b. Cash for $1,000,000. c. Cash for $980,000. d. Accounts Receivable for $1,000,000. а.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 13PB: Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash,...

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Similar questions

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A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer? A. $19.50 B. $630.50 C. $650 D. $195
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