Multiple Choice
Using the gross method,record the payment of the following transaction in time to take the discount.Connect Company bought $5,000 of merchandise,terms 2/10,n/30,and uses the periodic inventory system:
A) debit Cash $5,000;credit Vouchers Payable $5,000.
B) debit Vouchers Payable $5,000;credit Cash $4,900;credit Purchases Discount $100.
C) debit Vouchers Payable $4,900;credit Cash $4,900.
D) debit Vouchers Payable $5,000;credit Cash $5,000.
Correct Answer:

Verified
Correct Answer:
Verified
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