On August 1, Neil Brothers bought goods with a list price of $14,400, terms 2/10, 1/30. The firm records purchases at invoice price, using the periodic inventory system. On August 5, Neil Brothers returned goods with a list price of $1,800 for credit. If Neil Brothers paid the supplier the amount due on August 9, the appropriate entry would be: Select one: OA Accounts Payable OB Purchases Discounts Cash Accounts Payable Cash 14,400 12.348 288 14,112 12,348

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On August 1, Neil Brothers bought goods with a list price of $14,400, terms 2/10, 1/30. The firm records purchases at invoice price, using the periodic inventory system. On
August 5, Neil Brothers returned goods with a list price of $1,800 for credit.
If Neil Brothers paid the supplier the amount due on August 9, the appropriate entry would be:
Select one:
OA
Accounts Payable
OBL
Accounts Payable
Cash
OC
Purchases Discounts
Cash
Accounts Payable
OD
Purchases Discounts
Cash
Accounts Payable
Cash
14,400
12,348
12,600
12,600
288
14,112
12.348
252
12.348
12,600
Transcribed Image Text:On August 1, Neil Brothers bought goods with a list price of $14,400, terms 2/10, 1/30. The firm records purchases at invoice price, using the periodic inventory system. On August 5, Neil Brothers returned goods with a list price of $1,800 for credit. If Neil Brothers paid the supplier the amount due on August 9, the appropriate entry would be: Select one: OA Accounts Payable OBL Accounts Payable Cash OC Purchases Discounts Cash Accounts Payable OD Purchases Discounts Cash Accounts Payable Cash 14,400 12,348 12,600 12,600 288 14,112 12.348 252 12.348 12,600
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