September 12, Ryan Compa

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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On September 12, Ryan Company sold merchandise in the amount of $6,400 to Johnson Company, with credit terms of 3/10, n/30. The cost of the items sold is $4,300. Johnson uses the periodic inventory system and the net method of accounting for purchases. The journal entry that Johnson will make on September 12 is:

 

 
Purchases
6,400
Accounts payable
6,400
Merchandise inventory
Accounts payable
4,300
4,300
Merchandise inventory
6, 208
Accounts payable
6,208
Accounts payable
Merchandise inventory
6,400
6,400
Purchases
6,208
Accounts payable
6, 208
Transcribed Image Text:Purchases 6,400 Accounts payable 6,400 Merchandise inventory Accounts payable 4,300 4,300 Merchandise inventory 6, 208 Accounts payable 6,208 Accounts payable Merchandise inventory 6,400 6,400 Purchases 6,208 Accounts payable 6, 208
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