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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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