On October 1, Jerry's Lighting purchased merchandise with a list price of $8,700 with credit terms of 2/15, n/45. On October 3, Jerry's returns $1,700 of the merchandise. Assuming a periodic inventory system is used and Jerry's pays the remaining amount owed on the purchase within the discount period, Jerry's journal entry to record the payment, would include Multiple Cholce a debit to Accounts Payable for $7,000, a debit to Accounts Receivable for $7.000, a debit to Purchases Discounts for $140. a debit to Merchandise Inventory for $140,

On October 1, Jerry's Lighting purchased merchandise with a list price of $8,700 with credit terms of 2/15, n/45. On October 3, Jerry's returns $1,700 of the merchandise. Assuming a periodic inventory system is used and Jerry's pays the remaining amount owed on the purchase within the discount period, Jerry's journal entry to record the payment, would include Multiple Cholce a debit to Accounts Payable for $7,000, a debit to Accounts Receivable for $7.000, a debit to Purchases Discounts for $140. a debit to Merchandise Inventory for $140,

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 2.7C

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