Accounting
27th Edition
ISBN: 9781337272094
Author: WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher: Cengage Learning,
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Textbook Question
Chapter 6, Problem 6.6EX
Purchase-related transactions
The debits and credits for four related entries for a purchase of $40,000, terms 2/10, n/30, are presented in the following T accounts. Describe each transaction.
Cash | Accounts Payable | |||
(2) 450 | (3) 4,900 | (1) 39,200 | ||
(4) 34,300 | (4) 34,300 | |||
Merchandise Inventory | ||||
(1) 39,200 | (3) 4,900 | |||
(2) 450 |
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