A company purchased inventory for $3,000 from a vendor on? account, FOB shipping

ID: 2434942 • Letter: A

Question

A company purchased inventory for

$3,000

from a vendor on? account, FOB shipping? point, with terms of

22?/15,

?n/30. The company paid

$ 200

cash for freight in. The entry to record the payment of the invoice within

days of the invoice date by the purchaser would include? ________. ? (Assume a perpetual inventory? system.)

a debit to Accounts Payable for

$2,940

and a credit to Cash for $2,940

a debit to Accounts Payable for

$3,000?,

a credit to Merchandise Inventory for

$ 60,

and a credit to Cash for $2,940

a debit to Accounts Payable for

$3,000?,

a credit to Merchandise Inventory for

$200?,

and a credit to Cash for $2,800

a debit to Accounts Payable for

$2,940?,

a debit to Merchandise Inventory for

$ 60,

and a credit to Cash for $ 3 000

ANS (b)

JOURNAL ENTRY

PARTICULARS DR($) CR($) ACCOUNTS PAYABLE A/C DR 3000 TO MERCHANDISE INVENTORY A/C 60 TO CASH A/C 2940 (BEING INVOICE RECORDED WITHIN 15 DAYS)

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