On October 1, Jerry's Lighting purchased merchandise with a list price of $8,700 with credit terms of 2/15, n/45. On October 3, Jerry's returns $1,700 of the merchandise. Assuming a periodic inventory system is used and Jerry's pays the remaining amount owed on the purchase within the discount period, Jerry's journal entry to record the payment, would include Multiple Cholce a debit to Accounts Payable for $7,000, a debit to Accounts Receivable for $7.000, a debit to Purchases Discounts for $140. a debit to Merchandise Inventory for $140,

On October 1, Jerry's Lighting purchased merchandise with a list price of $8,700 with credit terms of 2/15, n/45. On October 3, Jerry's returns $1,700 of the merchandise. Assuming a periodic inventory system is used and Jerry's pays the remaining amount owed on the purchase within the discount period, Jerry's journal entry to record the payment, would include Multiple Cholce a debit to Accounts Payable for $7,000, a debit to Accounts Receivable for $7.000, a debit to Purchases Discounts for $140. a debit to Merchandise Inventory for $140,

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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