McIntyre Company (Perpetual Inventory System) made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10 n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre Company is: Debit Accounts Payable 8,000. Credit Cash 8,000. Debit Accounts Payable 7,760. Credit Cash 7,760. Debit Accounts Payable 8,000. Credit Purchase Returns and Allowances 260. Credit Cash 7,760. Debit Accounts Payable 8,000. Credit Inventory 240. Credit Cash 7,760.
McIntyre Company (Perpetual Inventory System) made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10 n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre Company is: Debit Accounts Payable 8,000. Credit Cash 8,000. Debit Accounts Payable 7,760. Credit Cash 7,760. Debit Accounts Payable 8,000. Credit Purchase Returns and Allowances 260. Credit Cash 7,760. Debit Accounts Payable 8,000. Credit Inventory 240. Credit Cash 7,760.
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 11MC: A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What...
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McIntyre Company (Perpetual Inventory System) made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10 n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre Company is:
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Debit Accounts Payable 8,000. Credit Cash 8,000. |
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Debit Accounts Payable 7,760. Credit Cash 7,760. |
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|
Debit Accounts Payable 8,000. Credit Purchase Returns and Allowances 260. Credit Cash 7,760. |
|
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Debit Accounts Payable 8,000. Credit Inventory 240. Credit Cash 7,760. |
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