Laurel Industries sold merchandise with an invoice price of $1,700 to Calvary Company, with terms of 1/10, n/30. Which of the following is the correct entry to record the payment by Calvary within 10 days if the company uses the perpetual inventory system and the gross method to record purchases? Multiple Choice Account Title Accounts payable Cash Account Title Accounts payable Cash Inventory Account Title Cash Inventory Accounts payable Account Title Accounts payable Cash Debit 1,700 Debit 1,700 Debit 1,683 17 Debit 1,683 Credit 1,700 Credit 1,683 17 Credit 1,700 Credit 1,683
Laurel Industries sold merchandise with an invoice price of $1,700 to Calvary Company, with terms of 1/10, n/30. Which of the following is the correct entry to record the payment by Calvary within 10 days if the company uses the perpetual inventory system and the gross method to record purchases? Multiple Choice Account Title Accounts payable Cash Account Title Accounts payable Cash Inventory Account Title Cash Inventory Accounts payable Account Title Accounts payable Cash Debit 1,700 Debit 1,700 Debit 1,683 17 Debit 1,683 Credit 1,700 Credit 1,683 17 Credit 1,700 Credit 1,683
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 9SEB: JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the...
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Question
![Laurel Industries sold merchandise with an invoice price of $1,700 to Calvary Company, with terms of 1/10, n/30. Which of the following is the correct entry to record the payment by
Calvary within 10 days if the company uses the perpetual inventory system and the gross method to record purchases?
Multiple Choice
O
O
O
Account Title
Accounts payable
Cash
Account Title.
Accounts payable
Cash
Inventory
Account Title.
Cash
Inventory
Accounts payable
Account Title
Accounts payable
Cash
Debit
1,700
Debit
1,700
Debit
1,683
17
Debit
1,683
Credit
1,700
Credit
1,683
17
Credit
1,700
Credit
1,683](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2af34dca-c4e3-445b-aa48-41f05d2c414f%2F4dbe216a-ec8d-450d-8810-374503d48a40%2Fj96f8ms_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Laurel Industries sold merchandise with an invoice price of $1,700 to Calvary Company, with terms of 1/10, n/30. Which of the following is the correct entry to record the payment by
Calvary within 10 days if the company uses the perpetual inventory system and the gross method to record purchases?
Multiple Choice
O
O
O
Account Title
Accounts payable
Cash
Account Title.
Accounts payable
Cash
Inventory
Account Title.
Cash
Inventory
Accounts payable
Account Title
Accounts payable
Cash
Debit
1,700
Debit
1,700
Debit
1,683
17
Debit
1,683
Credit
1,700
Credit
1,683
17
Credit
1,700
Credit
1,683
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