mheducation.com/flow nect isReg true&return; a Secure https Other folder Fix Chr

Question

mheducation.com/flow nect isReg true&return; a Secure https Other folder Fix Chromebook p O Study.com Video & Connect (3) History-YouTube Help Save& Exit Submit Saved On September 12, Ryan Company sold merchandise in the amount of $5,800 to Johnson Company, with credit terms of 2/10, n/30 The journal entry that Johnson will make on September 12 is: The cost of the items sold is $4,000 Johnson uses the periodic in Johnson uses the periodic inventory system and the net method of accounting for purchases. 07 03 Multiple Choice Purchases 5, 800 Accounts payable 5, 800 Purchases 5, 684 Accounts payable 5,684 Merchandise inventory Accounts payable 5, 684 , 684

Explanation / Answer

1

Journal entry at the time of purchase

Date

Particulars

Debit

Credit

12-Sep

Purchases

5800

To accounts payable

5800

Ans

Option (A) is correct

At the time of purchase no discount will be recorded but when making the payment based on the discount amount it will be recorded

1

Journal entry at the time of purchase

Date

Particulars

Debit

Credit

12-Sep

Purchases

5800

To accounts payable

5800

Ans

Option (A) is correct

At the time of purchase no discount will be recorded but when making the payment based on the discount amount it will be recorded

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