On February 20,20A,Ross Sound Company Purchased $10,000 of Stereo Equipment

Multiple Choice

On February 20,20A,Ross Sound Company purchased $10,000 of stereo equipment for resale on credit,subject to the terms 3/15,n/30.The company records all purchases using the gross method.The periodic inventory system is used.If the company paid for these goods on March 20,the entry made to record the payment should include which of the following?

A) A $300 debit to Purchases discounts.
B) A $10,000 debit to Trade payables.
C) An $8,500 credit to Cash.
D) A $9,700 debit to Purchases.