On May 1, Santelle Company purchased $700 of inventory on account with credit terms of 2/10, net 30. Santelle uses the perpetual inventory system. On May 2, the seller gave Santelle a $100 allowance due to a product defect
What journal entry did Santelle Company prepare on May 2?
A) debit Accounts Payable for $100 and credit Purchase Returns and Allowances for $100
B) debit Accounts Payable for $100 and credit Purchase Discounts for $100
C) debit Cash for $100 and credit Accounts Payable for $100
D) debit Accounts Payable for $100 and credit Inventory for $100
D
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A sequence of records on secondary storage is called a ____
a. file b. record c. database d. sleeve