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egoroff_w [7]
2 years ago
5

A company purchased $2,300 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $450 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:
Business
1 answer:
Aleksandr [31]2 years ago
7 0

Answer:

Dr Accounts payable 1850

Cr Merchandise inventory $37

Cr Cash $1813

Explanation:

Preparation of the journal entry to record the payment on July 12 Using the gross method,

JOURNAL ENTRY

Jul-12

Dr Accounts payable ($2300-450) 1850

Cr Merchandise inventory ($1850*2%) $37

Cr Cash $1813

($1850-$37)

(Being entry recorded for payment to supplier)

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<h3>What are Excise taxes?</h3>
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