JELLY'S BEAN uses the perpetual inventory method. On May 1, it purchased ₱20,000 of inventory, terms 2/10, n/30. On May 3, JELLY'S BEAN returned goods that cost ₱2,000. On May 9, the company paid the supplier. On May 9, JELLY'S BEAN should credit a.inventory for ₱360 b.inventory for ₱400 c.purchase discounts for ₱360 d.purchase discounts for ₱400

JELLY'S BEAN uses the perpetual inventory method. On May 1, it purchased ₱20,000 of inventory, terms 2/10, n/30. On May 3, JELLY'S BEAN returned goods that cost ₱2,000. On May 9, the company paid the supplier. On May 9, JELLY'S BEAN should credit a.inventory for ₱360 b.inventory for ₱400 c.purchase discounts for ₱360 d.purchase discounts for ₱400

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 23Q: If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the...

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