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.

---

Definitions:

Pitch Deck

A concise presentation used by entrepreneurs to provide investors with a quick overview of their business plan and investment opportunity.

Feasibility Study

An assessment of the practicality and potential success of a proposed project or venture.

Feasibility Study

An evaluation of the feasibility and likely effectiveness of a suggested plan or system.

Formal Document

An official paper or digital record that follows a set structure or format, often used for legal, academic, or professional purposes.