M&M Company purchased $3,600 of merchandise on account, terms 2/10,n/30. If payment was made after the expiration of the discount period, the entry to record the payment would include: a. debit to accounts payable of $3,528 b. credit to inventory of $3,600 c. credit to cash of $3,528 d. credit to cash of $3,600
M&M Company purchased $3,600 of merchandise on account, terms 2/10,n/30. If payment was made after the expiration of the discount period, the entry to record the payment would include: a. debit to accounts payable of $3,528 b. credit to inventory of $3,600 c. credit to cash of $3,528 d. credit to cash of $3,600
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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M&M Company purchased $3,600 of merchandise on account, terms 2/10,n/30. If payment was made after the expiration of the discount period, the entry to record the payment would include:
a. debit to accounts payable of $3,528
b. credit to inventory of $3,600
c. credit to cash of $3,528
d. credit to cash of $3,600
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