Multiple Choice
Using the gross method,record the payment of the following transaction in time to take the discount.Clip Company bought $7,000 of merchandise,terms 1/15,n/45.The company uses the voucher system and the periodic inventory method.
A) debit Cash $7,000;credit Vouchers Payable $7,000.
B) debit Vouchers Payable $7,000;credit Cash $6,930;credit Purchases Discount $70.
C) debit Vouchers Payable $6,930;credit Cash $6,930.
D) debit Vouchers Payable $7,000;credit Cash $7,000.
Correct Answer:

Verified
Correct Answer:
Verified
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