Ms. Ameena makes the following journal entry in her business: Debit Accounts receivable Credit Sales Which of the following transaction is Correct for the above journal entry? a. Purchased Merchandise inventory under the credit terms of 2/10, n/30 b. Sold Merchandise inventory under the credit terms of 3/10,n/60 c. Paid Cash to Suppliers d. Returned Merchandise inventory to Supplier
Ms. Ameena makes the following journal entry in her business: Debit Accounts receivable Credit Sales Which of the following transaction is Correct for the above journal entry? a. Purchased Merchandise inventory under the credit terms of 2/10, n/30 b. Sold Merchandise inventory under the credit terms of 3/10,n/60 c. Paid Cash to Suppliers d. Returned Merchandise inventory to Supplier
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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Question
Ms. Ameena makes the following journal entry in her business:
Debit Accounts receivable Credit Sales
Which of the following transaction is Correct for the above journal entry?
a.
Purchased Merchandise inventory under the credit terms of 2/10, n/30
b.
Sold Merchandise inventory under the credit terms of 3/10,n/60
c.
Paid Cash to Suppliers
d.
Returned Merchandise inventory to Supplier
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