Multiple Choice
Mars Company purchased $2,500 of merchandise on account, terms 3/10 n/60. If payment was made within the discount period, the entry to record the payment under a periodic inventory system would include a credit to:
A) Cash of $2,425.
B) Inventory of $2,352.
C) Accounts Payable of $2,400.
D) Cash for $2,400.
Correct Answer:
Verified
Correct Answer:
Verified
Q17: When the buyer pays the freight costs,
Q18: Using a periodic inventory system, the entry
Q19: Table 5-2 <span class="ql-formula" data-value="\begin{array}
Q20: Cost of goods sold is $108,000, beginning
Q21: A purchase return or allowance under a
Q23: Under a periodic inventory system, the entry
Q24: Under a perpetual inventory system, the entries
Q25: To update the inventory records for the
Q26: In a periodic inventory system, the closing
Q27: Net purchases caption on the multi-step income