The entry to record payment of a voucher for an invoice after the discount period under the gross method and the periodic method will include:
A) a debit to Vouchers Payable.
B) a credit to Purchase Discounts.
C) a debit to Discounts Lost.
D) None of these is correct.
Answer: A
Business
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A merchandiser, following the perpetual inventory system, has the following transactions during August, 2017:
Date Transaction Amount Aug. 5 Purchased inventory on account $ 300,000 Aug. 9 Paid for transportation of goods purchased 25,000 Aug 10 Returned defective merchandise to the seller 20,000 Aug. 15 Paid for goods purchased on August 5 ? Credit terms of invoice are 2/15, n/45. Give journal entries for the above transactions. What will be an ideal response
Business