ABC Company purchased merchandise on credit from XYZ Corporation on April 4, for $9,000, terms 2/10, n/30. On April 11, ABC paid the amount due to XYZ. (Assume ABC company uses periodic system) The entry on April 11 for ABC Company will include a credit to: Account payable $9,000. Purchase Discount $ $180. Merchandize
ABC Company purchased merchandise on credit from XYZ Corporation on April 4, for $9,000, terms 2/10, n/30. On April 11, ABC paid the amount due to XYZ. (Assume ABC company uses periodic system) The entry on April 11 for ABC Company will include a credit to: Account payable $9,000. Purchase Discount $ $180. Merchandize
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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ABC Company purchased merchandise on credit from XYZ Corporation on April 4, for $9,000, terms 2/10, n/30. On April 11, ABC paid the amount due to XYZ. (Assume ABC company uses periodic system) The entry on April 11 for ABC Company will include a credit to:
| Account payable $9,000. | |
|
Purchase Discount $ $180. |
|
| Merchandize Inventory $180. | |
| Cash $9,000. |
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