Solution-Which correctly records the payment made fifteen

Which correctly records the payment made fifteen days

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Reference no: EM132946240

Problem 1: A company that uses the perpetual inventory system purchased inventory for $1,160,000 on account with terms of 5?/7, ?n/20. Which of the following correctly records the payment made 15 days after the date of? invoice?

a. Cash 1,160,000
Accounts Payable 1,160,000

b. Accounts Payable 1,160,000
Merchandise Inventory 1,160,000

c. Accounts Payable 1,160,000
Cash 1,160,000

d. Accounts Payable 1,160,000
Merchandise Inventory 58,000
Cash 1,102,000

Reference no: EM132946240

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Which correctly records the payment made fifteen days

Reference no: EM132946240

Reference no: EM132946240

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