Toy Trains Company bought $8,000 of merchandise, terms 2/10, n/30. The company uses the periodic inventory system and the voucher system. The journal entry to record the transaction under the net method would be to:
A) debit Purchases $7,840; credit Accounts Payable $7,840.
B) debit Purchases $8,000; credit Vouchers Payable $8,000.
C) debit Purchases $8,000; credit Vouchers Payable $7,840; credit Discounts Lost $160.
D) debit Purchases $7,840; credit Vouchers Payable $7,840.
Answer: D
You might also like to view...
Consumer's expectations of doing new things with varied kinds of information in ways that create value have resulted in the emergence of _____
a. the sales-orientation philosophy b. the production-oriented philosophy c. communicator valence d. on-demand marketing
________ involves creating a Web site, video, e-mail, mobile message, advertisement, or other marketing event that is so infectious that customers will seek it out or pass it along to their friends
A) Telemarketing B) Multichannel marketing C) Integrated marketing D) Viral marketing E) Kiosk marketing