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Problem 1: On September 12, Vander Company sold merchandise in the amount of $7,800 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,000. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is:
Multiple Choice
A. Merchandise inventory7,800 Accounts payable 7,800 B. Purchases7,800 Accounts receivable 7,800 C. Purchases5,000 Accounts receivable 5,000 D. Purchases7,800 Accounts payable 7,800 E. Accounts payable5,000 Merchandise inventory 5,000
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