Multiple Cholice Question 86 Sheridan Company uses the perpetual Inventory and t

Question

Multiple Cholice Question 86 Sheridan Company uses the perpetual Inventory and the gross method. On Harch 1, t purchased $49000 of inventory, terms 2/10, returned goods that g4900. On March 9, Sheridan paid the supplier. On March 9, Sheridan shold eredit purchase discounts for $980 inventory for $882 purchase dincounts for $882 nvenbory for $980 Click if you would like to Show Work for this question: n Shaark By accesing this Question Assistance, you wil learm while you eam points based on the Point Podential Policy set by your instructor Question Attempts: 0 of 1 used OL UBMET ANSWE answer ths questian corectly in your first se 6 0

Explanation / Answer

Answer C Purchase discounts for $882

Accounts Payable ($49000-$4900) dr             $44100

            To Cash                                                                 $43218

            To Purchase discounts                                             $882

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