Solution-What account should be credited

What account should be credited

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Problem 1: On December 1, Scotch Company purchased $15,000 of inventory, terms 2/10, n/30. On December 5, the entity returned goods that cost $1,500. On December 11, the entity paid the supplier. On December 11, what account should be credited?

a) Purchase discount for $300

b) Merchandise Inventory for $270

c) Merchandise Inventory for $300

d) Purchase discount for $270

Reference no: EM132788530

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What account should be credited

Reference no: EM132788530

Reference no: EM132788530

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