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Description: 8-Assuming that you are a wholesale merchandiser. You sold goods to retail merchandiser under the credit terms of 3/10 n/60. Which of the following Journal entry will be recorded in your business assuming that you are using a periodic inventory syste

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 2MC: What accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts...

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8-Assuming that you are a wholesale merchandiser. You sold goods to retail merchandiser under the credit terms of 3/10 n/60. Which of the following Journal entry will be recorded in your business assuming that you are using a periodic inventory system?

Debit Accounts receivable Credit Sales

Debit Accounts payable Credit Purchase

Debit Purchase Credit Accounts payable

Debit Cash Credit Accounts receivable

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