A company using the perpetual inventory system purchased inventory worth $510,000 on account with credit terms...
A company using the perpetual inventory system purchased inventory worth $510,000 on account with credit terms of 3/15, n/45. Defective inventory of $70,000 was returned 2 days later, and the accounts were appropriately adjusted. If the company paid the invoice 30 days later, the journal entry to record the payment would be ________.
A. $510,000 debit to Accounts Payable, $496,800 credit to Cash, and $13,200 credit to Merchandise Inventory
B. $440,000 debit to Accounts Payable and $440,000 credit to Cash
C. $453,200 debit to Accounts Payable, $13,200 credit to Merchandise Inventory, and $440,000 credit to Cash
D. $510,000 debit to Accounts Payable and $510,000 credit to Cash
Homework Answers
Answer : Option B - $440000 debit to accounts Payable and $440000 credit to Cash.
Company purchased inventory worth $510000 and $70000 worth inventory is returned. Remaining $440000 is not paid within discount period of 15 days. So,The journal entry for payment includes a debit to account payable and credit to cash with $440000.
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A company using the perpetual inventory system purchased
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