Orleans Enterprises Purchased $37,500 of Merchandise on Account,terms 2/10,n/30

Multiple Choice

Orleans Enterprises purchased $37,500 of merchandise on account,terms 2/10,n/30. Assuming Orleans uses the net price method to account for purchase discounts,the
Journal entry to record the purchase would include a:

A) debit to Inventory for $37,500
B) credit to Accounts Payable for $36,750
C) credit to Cash for $36,750
D) debit to Purchase Discounts Lost for $750