For a Company Using a Perpetual Inventory System, the Journal

question 45

Multiple Choice

For a company using a perpetual inventory system, the journal entry to record the purchase of $1,700 of goods on account, with terms of 3/10, n/30, would include a

• A)debit to accounts payable of $1,700.
• B)credit to accounts payable of $1,649.
• C)debit to merchandise inventory of $1,649.
• D)debit to merchandise inventory of $1,700.

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