On June 1, Kennedy Company Purchased $8,000 of Inventory on Account

question 37

Multiple Choice

On June 1, Kennedy Company purchased $8,000 of inventory on account from Sterner Company. Sterner Company offers a 5% discount if payment is received within 15 days. Kennedy Company records the purchase using the net method and the perpetual inventory system. The journal entry on June 1 by Kennedy Company includes ________.

• A) a debit to Inventory for $8,000
• B) a credit to Accounts Payable for $8,000
• C) a credit to Cash for $7,600
• D) a debit to Inventory for $7,600

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