Avery, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $25,000. The terms of invoice were 3/10, n/30. The amount due was paid on February 9
Which of the following journal entries correctly records the payment in the books of Avery, Inc.?
A)
Accounts Payable 25,000
Purchase Discounts 750
Cash 24,250
B)
Accounts Payable 25,000
Cash 25,000
C)
Accounts Payable 25,000
Purchases 25,000
D)
Accounts Payable 25,000
Merchandise Inventory 750
Cash 24,250
A
Business
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