Waterway Company uses a perpetual inventory system and made a purchase of merchandise on credit from Carla Vista Corporation on August 3, for $9200, terms 2/10, n/45. On August 10, Waterway makes the appropriate payment to Carla Vista. The entry on August 10 for Waterway Company is Accounts Payable Cash 9200 9200 Accounts Payable 9016 Cash 9016 Accounts Payable 9200 Purchase Returns and 184 Allowances Cash 9016 Accounts Payable 9200 Inventory 184 Cash 9016

Waterway Company uses a perpetual inventory system and made a purchase of merchandise on credit from Carla Vista Corporation on August 3, for $9200, terms 2/10, n/45. On August 10, Waterway makes the appropriate payment to Carla Vista. The entry on August 10 for Waterway Company is Accounts Payable Cash 9200 9200 Accounts Payable 9016 Cash 9016 Accounts Payable 9200 Purchase Returns and 184 Allowances Cash 9016 Accounts Payable 9200 Inventory 184 Cash 9016

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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