A company purchased $1,800 of merchandise on July 5 with terms 2/10,n/30. On July 7 , it returned $200 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: Multiple Choice Debit Cash \$1,600; credit Accounts Payable \$1,600. Debit Accounts Payable \$1,600; credit Cash \$1,600. Debit Accounts Payable \$1,800; credit Cash \$1,800. Debit Accounts Payable \$1,600; credit Merchandise Inventory \$32; credit Cash \$1,568. Debit Merchandise Inventory \$1,600; credit Cash $1,600
Other questions asked by students
Basic Math
Advance Math
Q
For this task you will write a persuasive letter, create a PowerPoint presentation, or create a...
Economics
Accounting
Accounting