On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice Account Title Debit Credit Purchases 5,900 Accounts Receivable 5,900 Account Title Debit Credit Purchases 9,600 Accounts payable 9,600 О Account Title Debit Credit Accounts payable 5,900 Merchandise inventory 5,900 Account Title Debit Credit Merchandise inventory 9.600
On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice Account Title Debit Credit Purchases 5,900 Accounts Receivable 5,900 Account Title Debit Credit Purchases 9,600 Accounts payable 9,600 О Account Title Debit Credit Accounts payable 5,900 Merchandise inventory 5,900 Account Title Debit Credit Merchandise inventory 9.600
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...
Related questions
Question
![On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items
sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on
September 12 is:
Multiple Choice
О
Account Title
Debit
Credit
Purchases
5,900
Accounts Receivable
5,900
О
Account Title
Debit
Credit
Purchases
9,600
Accounts payable
9,600
Account Title
Debit
Credit
Accounts payable
5,900
Merchandise inventory
5,900
Account Title
Debit
Credit
Merchandise inventory
9.600
< Prev
19 of 50
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F47ee90fb-bad8-4b0f-9313-4e0de5bf2043%2Fa625c6ca-c23a-49a7-aeba-9686b87a999a%2Fvgtujyn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items
sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on
September 12 is:
Multiple Choice
О
Account Title
Debit
Credit
Purchases
5,900
Accounts Receivable
5,900
О
Account Title
Debit
Credit
Purchases
9,600
Accounts payable
9,600
Account Title
Debit
Credit
Accounts payable
5,900
Merchandise inventory
5,900
Account Title
Debit
Credit
Merchandise inventory
9.600
< Prev
19 of 50
Next >
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781305084087/9781305084087_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning