On September 12, Vander Company sold merchandise in the amount of $7,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice Purchases 7,600 Accounts receivable 7,60e Purchases 4,900 Accounts receivable 4,900 Purchases 7,600 Accounts payable 7,606 Merchandise inventory 7,600 Accounts payable 7,606 Accounts payable Merchandise inventory 4,900 4,900
On September 12, Vander Company sold merchandise in the amount of $7,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice Purchases 7,600 Accounts receivable 7,60e Purchases 4,900 Accounts receivable 4,900 Purchases 7,600 Accounts payable 7,606 Merchandise inventory 7,600 Accounts payable 7,606 Accounts payable Merchandise inventory 4,900 4,900
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...
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