M&M Company purchased $3,600 of merchandise on account, terms 2/10,n/30. If payment was made after the expiration of the discount period, the entry to record the payment would include: a. debit to accounts payable of $3,528 b. credit to inventory of $3,600 c. credit to cash of $3,528 d. credit to cash of $3,600

M&M Company purchased $3,600 of merchandise on account, terms 2/10,n/30. If payment was made after the expiration of the discount period, the entry to record the payment would include: a. debit to accounts payable of $3,528 b. credit to inventory of $3,600 c. credit to cash of $3,528 d. credit to cash of $3,600

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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M&M Company purchased $3,600 of merchandise on account, terms 2/10,n/30. If payment was made after the expiration of the discount period, the entry to record the payment would include:

a. debit to accounts payable of $3,528

b. credit to inventory of $3,600

c. credit to cash of $3,528

d. credit to cash of $3,600

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