On February 20, 20X1, Ross Sound Company purchased $10,000 of stereo equipment for resale on credit, subject to the terms 3/15, n/30. The periodic inventory system is used. If the

On February 20, 20X1, Ross Sound Company purchased $10,000 of stereo equipment for resale on credit, subject to the terms 3/15, n/30. The periodic inventory system is used. If the company paid for these goods on March 20, the entry made to record the payment should include which of the following?
A) A $300 debit to Purchases discounts.
B) A $10,000 debit to Trade payables.
C) An $8,500 credit to Cash.
D) A $9,700 debit to Purchases.


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