Recording Purchases of Merchandise On June 1st Maximum Appliances purchased $22,000 in inventory from a supplier. The terms of the purchase are 1/10, net 3 une 6th Maximum Appliances returned $2,000 worth of inventory, and then on June 8th paid the full amount owing. Which Following is the correct journal entry to record the payment made on June 8th? O Dr. Accounts Payable $20,000; Cr. Merchandise Inventory $200; Cr. Cash $19,800 O Dr. Accounts Payable $20,000; Cr. Purchase Discounts $200; Cr. Cash $19,800 O Dr. Accounts Payable $20,000; Cr. Cash $20,000 O Dr. Accounts Payable $19,800; Cr. Cash $19,800 Submit

Recording Purchases of Merchandise On June 1st Maximum Appliances purchased $22,000 in inventory from a supplier. The terms of the purchase are 1/10, net 3 une 6th Maximum Appliances returned $2,000 worth of inventory, and then on June 8th paid the full amount owing. Which Following is the correct journal entry to record the payment made on June 8th? O Dr. Accounts Payable $20,000; Cr. Merchandise Inventory $200; Cr. Cash $19,800 O Dr. Accounts Payable $20,000; Cr. Purchase Discounts $200; Cr. Cash $19,800 O Dr. Accounts Payable $20,000; Cr. Cash $20,000 O Dr. Accounts Payable $19,800; Cr. Cash $19,800 Submit

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Description: Recording Purchases of MerchandiseOn June 1st Maximum Appliances purchased $22,000 in inventory from a supplier. The terms of the purchase are 1/10, net 3June 6th Maximum Appliances returned $2,000 worth of inventory, and then on June 8th paid the f

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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