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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 13Q: If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the...

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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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