Connect Company Bought $13,000 of Merchandise from Woods Corporation, Terms

question 114

Multiple Choice

Connect Company bought $13,000 of merchandise from Woods Corporation, terms 2/10, n/30. Connect Company uses the voucher system and the periodic inventory method. The journal entry to record the payment under the gross method after the discount period would be to:

• A) debit Vouchers Payable $13,000; credit Cash $13,000.
• B) debit Vouchers Payable $13,000; credit Purchases Discount $260; credit Cash $12,740.
• C) debit Vouchers Payable $12,740; credit Cash $12,740.
• D) debit Vouchers Payable $12,740; debit Purchases Discount $260; credit Cash $13,000.

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