Dublin Company Uses the Periodic Inventory System B) $$\begin{array} { | c | r | r | } \hline \text { Cash } & 11,000 & \\\hline \text { Accounts Payable } & & 11,000 \\\hline\end{array}$$

Multiple Choice

Dublin Company uses the periodic inventory system.On February 1,the company purchased inventory on account for $11,000.The terms were 4/10,n/30.On February 2,it returned damaged goods worth $500 to the supplier.Give the journal entry for the payment if the invoice is paid after the discount period.(Round your answers to the nearest dollar.)

A) $$\begin{array} { | l | r | r | } \hline \text { Accounts Payable } & 11,000 & \\\hline \text { Cash } & & 10,560 \\\hline \text { Purchase Discounts } & & 440 \\\hline\end{array}$$
B) $$\begin{array} { | c | r | r | } \hline \text { Cash } & 11,000 & \\\hline \text { Accounts Payable } & & 11,000 \\\hline\end{array}$$
C) $$\begin{array} { | c | r | r | } \hline \text { Accounts Payable } & 10,500 & \\\hline \text { Cash } & & 10,500 \\\hline\end{array}$$
D) $$\begin{array} { | l | r | r | } \hline \text { Cash } & 10,560 & \\\hline \text { Purchase Discounts } & 440 & \\\hline \text { Accounts Payable } & & 11,000 \\\hline\end{array}$$