On June 15,a Retailer Purchases Merchandise on Account from a Supplier

Multiple Choice

On June 15,a retailer purchases merchandise on account from a supplier for $2,000 terms 3/10,n/30.On June 18,the retailer returns merchandise purchased for $600 for a reduction in the amount owing.On June 22,the retailer pays their account.Under a perpetual inventory system the journal entry to record the payment includes:

A) $1,400 will be debited to Accounts Payable,$1,358 will be credited to Cash and $42 will be credited to Inventory.
B) $1,358 will be credited to Cash,$1,400 will be debited to Accounts Payable and $42 will be credited to Discounts.
C) $1,358 will be credited to Cash,$1,358 will be debited to Accounts Payable.
D) $1,400 will be credited to Cash,$1,358 will be debited to Accounts Payable,and $42 will be debited to Inventory.