Answered: correct journal entry to record the…

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter14: Adjustments And The Work Sheet For A Merchandising Business

Section: Chapter Questions

Problem 1SEA: ADJUSTMENT FOR MERCHANDISE INVENTORY USING T ACCOUNTS: PERIODIC INVENTORY SYSTEM Matt Henry owns a...

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a company purchased 3300 of merchandise on july 5th with term 3/10 n/30

on july 7th it returned of 900 worth of merchandise

on july 12 it paid the full amount due

assuming the company uses a perpetual inventory system and records purchases using the gross method the correct journal entry to record the payment on july 12th is

debit merchandise inventory 2400 credit cash 2400

debit cash 2400 credit account Pay 2400

debit account Pay 2400 credit merchandise inventory 72 credit cash 2328

debit account pay 3300 credit cash 3300

debit account pay 2400 credit cash 2400

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