Polk Company uses a perpetual inventory system and had the following transactions during November: November 6-Purchased $8,700 of inventory on account, terms 2/10, n/30. • November 8-Returned $1,200 of defective units and received full credit. • November 15-Paid the amount due. What journal entry will be recorded by Polk Company on November 15?
Polk Company uses a perpetual inventory system and had the following transactions during November: November 6-Purchased $8,700 of inventory on account, terms 2/10, n/30. • November 8-Returned $1,200 of defective units and received full credit. • November 15-Paid the amount due. What journal entry will be recorded by Polk Company on November 15?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Polk Company uses a perpetual inventory system and had the following transactions during November:
• November 6-Purchased $8,700 of inventory on account, terms 2/10, n/30.
November 8-Returned $1,200 of defective units and received full credit.
• November 15-Paid the amount due.
6.66
points
What journal entry will be recorded by Polk Company on November 15?
01:08:56
Multiple Choice
Debit Accounts Payable for $7,350, credit Inventory for $150, and credit Cash for $7,200
Debit Accounts Payable and credit Cash for $7,350
Debit Accounts Payable for $7,500, credit Inventory for $150, and credit Cash for $7,350
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Graw
Hill
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awkes Learning | Home
kamination II A
Saved
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Polk Company uses a perpetual inventory system and had the following transactions during November:
• November 6-Purchased $8,700 of inventory on account, terms 2/10, n/30.
November 8-Returned $1,200 of defective units and received full credit.
• November 15-Paid the amount due.
6.66
points
What journal entry will be recorded by Polk Company on November 15?
01:08:56
Multiple Choice
Debit Accounts Payable for $7,350, credit Inventory for $150, and credit Cash for $7,200
Debit Accounts Payable and credit Cash for $7,350
Debit Accounts Payable for $7,500, credit Inventory for $150, and credit Cash for $7,350
Mc
Graw
Hill
< Prev
4 of 45
Next >
.......
MacBook
DII
DD
F4
F5
F6
F7
F8
F9
F1
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F3
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%23
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4
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W
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ng | Home
IL A
Saved
• IVOVEITIDEI o- netummeu p1,2U0 UI ueieCLive umLS ariu Teceiveu Tuii Cieuit.
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• November 15-Paid the amount due.
What journal entry will be recorded by Polk Company on November 15?
Multiple Choice
Debit Accounts Payable for $7,350, credit Inventory for $150, and credit Cash for $7,200
Debit Accounts Payable and credit Cash for $7,350
Debit Accounts Payable for $7,500, credit Inventory for $150, and credit Cash for $7,350
Debit Accounts Payable for $7,500, credit Purchase Discount for $150, and credit Cash for $7,350
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MacBook
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ng | Home
IL A
Saved
• IVOVEITIDEI o- netummeu p1,2U0 UI ueieCLive umLS ariu Teceiveu Tuii Cieuit.
Help
Sav
• November 15-Paid the amount due.
What journal entry will be recorded by Polk Company on November 15?
Multiple Choice
Debit Accounts Payable for $7,350, credit Inventory for $150, and credit Cash for $7,200
Debit Accounts Payable and credit Cash for $7,350
Debit Accounts Payable for $7,500, credit Inventory for $150, and credit Cash for $7,350
Debit Accounts Payable for $7,500, credit Purchase Discount for $150, and credit Cash for $7,350
< Prev
4 of 45
Next >
........
MacBook
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