A company purchased $3,100 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $850 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:

Question

A company purchased $3,100 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $850 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a  perpetual  inventory system, and records purchases using the  gross  method, the correct journal entry to record the payment on July 12 is:

Answer

Debit Merchandise Inventory $2,250; credit Cash $2,250.

Answer

Debit Accounts Payable $3,100; credit Cash $3,100.

Answer

Debit Accounts Payable $2,250; credit Merchandise Inventory $45; credit Cash $2,205.

Answer

Debit Accounts Payable $2,250; credit Cash $2,250.

Answer

Debit Cash $2,250; credit Accounts Payable $2,250.

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A company purchased $3,100 of merchandise on July 5 with terms 2/10, n/30. On Ju...

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