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 byCalvary within 10 days if the company uses the perpetual inventory system and the gross method to record purchases?Multiple ChoiceOOOAccount TitleAccounts payableCashAccount Title.Accounts payableCashInventoryAccount Title.CashInventoryAccounts payableAccount TitleAccounts payableCashDebit1,700Debit1,700Debit1,68317Debit1,683Credit1,700Credit1,68317Credit1,700Credit1,683

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting journal shows a company's debit and credit balances. DateAccount TitlesDebitCreditAccounts Payable$1,700 Inventory ($1,700*1%)$17 Cash$1,683(To record the payment made)Option b. is the correct answer.

Business

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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

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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