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

question 22

Multiple Choice

Using the gross method,record the payment of the following transaction in time to take the discount.Clip Company bought $7,000 of merchandise,terms 1/15,n/45.The company uses the voucher system and the periodic inventory method.

• A)debit Cash $7,000;credit Vouchers Payable $7,000.
• B)debit Vouchers Payable $7,000;credit Cash $6,930;credit Purchases Discount $70.
• C)debit Vouchers Payable $6,930;credit Cash $6,930.
• D)debit Vouchers Payable $7,000;credit Cash $7,000.

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