a company that uses the perpetual inventory system purchased A company that uses the perpetual inventory system pur…
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Question “a company that uses the perpetual inventory system purchased A company that uses the perpetual inventory system pur…”
A company that uses the perpetual inventory system purchased inventory for $1,000,000 on account with forms of 7. 120 Which of the following correctly records the payment made 15 days ahore date of invoice? 1,050,000 1,050,000 1,050,000 O A Cash Accounts Payable OB. Accounts Payable Merchandise Inventory Cash O c. Accounts Payable 31.500 1,018.500 1,050,000 Cash 1,050,000 1,050,000 OD. Accounts Payable Merchandise Inventory 1,050.000
Answer
Answer C
Account payable 1050000
Cash 1050000
Explanation:
3/7 n 20, 3% trade discount if payment is made within 7 days. Credit period is 20 days. This case, no trade discount is permitted as payment must be made within 7 days. The entire amount of $1050000 has been paid.
Conclusion
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