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
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 13PB: Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash,...
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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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