On June 3,Maryland Company Purchased Merchandize Worth $800 on Credit,terms $\begin{array}{lc}\text { Accounts Payable } & 784 \\\text { Purchases Discounts } & 16\\\text { Cash }&&800\end{array}$

question 108

Multiple Choice

On June 3,Maryland Company purchased merchandize worth $800 on credit,terms 2/10,n/30.The amount paid on June 10.What is the required journal entry to record the payment under the periodic inventory system?

• A)
• \(\begin{array}{lc}
• \text { Accounts Payable } & 784 \\
• \text { Purchases Discounts } & 16\\\text { Cash }&&800
• \end{array}\)
• B)
• \(\begin{array}{lr}\text { Accounts Payable }&800\\
• \text { Purchases Discounts } && 16 \\
• \text { Cash } & &784
• \end{array}\)
• C)
• \(\begin{array}{lcc}
• \text { Cash } & 784 & \\
• \text { Purchases Discounts } & 16 & \\
• \quad \text { Accounts Payable } & & 800
• \end{array}\)
• D)
• \(\begin{array}{lc}
• \text { Cash } & 800 \\
• \text { Purchases Discounts } & 16 \\
• \quad \text { Accounts Payable } &&816
• \end{array}\)

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