Reference no: EM131290190
On March 1, 20X3, Environmental Impacts acquired inventory on account. The cost of the inventory was $85,000. The terms of the purchase were 2/10, n/30. Upon inspection of the inventory on March 2, $4,800 worth of inventory was returned. Environmental Impacts paid for the inventory on March 8. The company uses a periodic inventory system. What journal entry will Environmental Impacts make on March 8, 20X3?
A) Accounts Payable 80,200
Cash 80,200
B) Accounts Payable 80,200
Cash Discounts on Purchases 1,604
Cash 78,596
C) Accounts Payable 80,200
Cash Discounts on Purchases 802
Cash 79,398
D) Accounts Payable 80,200
Inventory 1,604
Cash 78,596
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