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On June 3, Kauffman company purchased inventory of $4,000 on account with terms 1710, h/30. On June 11, Kauffman pays for this inventory. What entry would be recorded on June 11 assuming a perpetual inventory system? 1. Accounts Payable Cash 2. Accounts Payable Sales Discounts Cash 3. Accounts Payable Inventory Cash 4. Inventory Accounts Payable. O Option 1 O Option 2 O Option 3. O Option 4 4,000 4,000 4,000 4,000 4,000 40 3,960 40 3,960 4,000

On June 3, Kauffman company purchased inventory of $4,000 on account with terms 1710, h/30. On June 11, Kauffman pays for this inventory. What entry would be recorded on June 11 assuming a perpetual inventory system? 1. Accounts Payable Cash 2. Accounts Payable Sales Discounts Cash 3. Accounts Payable Inventory Cash 4. Inventory Accounts Payable. O Option 1 O Option 2 O Option 3. O Option 4 4,000 4,000 4,000 4,000 4,000 40 3,960 40 3,960 4,000

FINANCIAL ACCOUNTING
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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ne 11, Ndum On June 3, Kauffman company purchased inventory of $4,000 on account with terms 1/10, pays for this inventory. What entry would be recorded on June 11 assuming a perpetual inventory system? 4,000 1. Accounts Payable Cash 2. Accounts Payable Sales Discounts Cash 3. Accounts Payable Inventory Cash 4. Inventory Accounts Payable O Option 1 O Option 2 O Option 3 O Option 4 4,000 4,000 4,000 4,000 40 3,960 40 3.960 4,000
Transcribed Image Text:ne 11, Ndum On June 3, Kauffman company purchased inventory of $4,000 on account with terms 1/10, pays for this inventory. What entry would be recorded on June 11 assuming a perpetual inventory system? 4,000 1. Accounts Payable Cash 2. Accounts Payable Sales Discounts Cash 3. Accounts Payable Inventory Cash 4. Inventory Accounts Payable O Option 1 O Option 2 O Option 3 O Option 4 4,000 4,000 4,000 4,000 40 3,960 40 3.960 4,000
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