A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 3/15, n/30. The company paid $100 cash for freight in. The entry to record the payment of the invoice within 15 days of the invoice date by the purchaser would include ________. (Assume a perpetual inventory system.) A.a debit to Accounts Payable for$2,910and a credit to Cash for $2,910 B.a debit to Accounts Payable for$3,000,a credit to Merchandise Inventory for$100,and a credit to Cash for $2,900 C.a debit to Accounts Payable for$2,910,a debit to Merchandise Inventory for$90,and a credit to Cash for $3,000 D.a debit to Accounts Payable for$3,000,a credit to Merchandise Inventory for$90,and a credit to Cash for

The process of recording business transactions in the books of accounts for the first time is known…

Answered: A company purchased inventory for…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 3/15, n/30. The company paid $100 cash for freight in. The entry to record the payment of the invoice within 15 days of the invoice date by the purchaser would include ________. (Assume a perpetual inventory system.)

a debit to Accounts Payable for

$2,910

and a credit to Cash for $2,910

a debit to Accounts Payable for

$3,000,

a credit to Merchandise Inventory for

$100,

and a credit to Cash for $2,900

a debit to Accounts Payable for

$2,910,

a debit to Merchandise Inventory for

$90,