On May 13,Maryland Company Purchased Merchandise Worth $2,400 on Credit,terms

Multiple Choice

On May 13,Maryland Company purchased merchandise worth $2,400 on credit,terms 2/10,n/30.The amount was paid on May 25.What is the required journal entry to record the payment under the periodic inventory system?

A) Accounts Payable 2,352
Purchases Discounts 48
Cash 2,400
B) Accounts Payable 2,400
Purchases Discounts 48
Cash 2,352
C) Cash 2,400
Accounts Payable 2,400
D) Accounts Payable 2,400
Cash 2,400