Solution-What the journal entry to record payment of the

What the journal entry to record payment of the invoice

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Reference no: EM132628366

Problem 1: Emerald Co. uses a perpetual inventory system and records purchases of merchandise at net cost. The company recently purchased 200 compact discs at an invoice price of $6,000 and terms of 2/10, n/30. Half of these discs had been mislabeled and were returned immediately to the supplier. The journal entry to record payment of this invoice after the discount period has expired will include a:

A. Credit to Cash for $2,940.

B. Debit to Inventory for $3,000.

C. Debit to an expense account for $60.

D. Credit to Cash for $3,000.

Reference no: EM132628366

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What the journal entry to record payment of the invoice

Reference no: EM132628366

Reference no: EM132628366

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