Using the Gross Method,record the Payment of the Following Transaction

question 118

Multiple Choice

Using the gross method,record the payment of the following transaction in time to take the discount.Connect Company bought $5,000 of merchandise,terms 2/10,n/30,and uses the periodic inventory system:

• A)debit Cash $5,000;credit Vouchers Payable $5,000.
• B)debit Vouchers Payable $5,000;credit Cash $4,900;credit Purchases Discount $100.
• C)debit Vouchers Payable $4,900;credit Cash $4,900.
• D)debit Vouchers Payable $5,000;credit Cash $5,000.