A company purchased $3,100 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $850 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:

Answer:

Debit Accounts Payable $2250

Credit Merchandise Inventory $67.50

Credit Cash $2,182.50

Explanation:

Based on the information given Assuming the company uses a perpetual inventory system to t records the purchases using the gross method, the correct journal entry to record the payment on July 12 will be :

Debit Accounts Payable $2250

($3100-$850)

Credit Merchandise Inventory $67.50

[(3%*3100)-(3%*850)]

Credit Cash $2,182.50

($2250-$67.50)

QUESTION 7 / 10
Which of the following is the BEST reason to use cash for making purchases?
A. Knowing what you have spent your money on is
simple.
B. Getting more cash from an ATM machine is easy to do.
C. Splitting bills with friends is easier.
D. Keeping track of how much you have spent is simple.

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A)
To pay for your mistakes
To take money sway from you
To protect you agains a financial los
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The contract is a VALID contract but is also a VOIDABLE contract on the part of Larry AND on the part of Sprint.
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