A Company Purchased Merchandise Inventory at a Cost of $4,300 $\begin{array}{|c|c|c|}\hline \text { Merchandise Inventory } & 4,300 & \\\hline \text { Accounts Payable } & & 4,300 \\\hline\end{array}$

question 40

Multiple Choice

A company purchased merchandise inventory at a cost of $4,300 with credit terms 3/15, net 45. If the company elects to pay within the discount period, what would be the appropriate journal entry?

• A)\(\begin{array}{|c|c|c|}
• \hline \text { Merchandise Inventory } & 4,300 & \\
• \hline \text { Accounts Payable } & & 4,300 \\
• \hline
• \end{array}\)
• B)\(\begin{array} { | c | c | c | }
• \hline \text { Accounts Payable } & 4,300 & \\
• \hline \text { Merchandise Inventory } & & 4,300 \\
• \hline
• \end{array}\)
• C)\(\begin{array} { | c | c | c | }
• \hline \text { Purchase Discount } & 4,171 & \\
• \hline \text { Accounts Payable } & & 4,171 \\
• \hline
• \end{array}\)
• D)\(\begin{array} { | c | c | c | }
• \hline \text { Accounts Payable } & 4,171 & \\
• \hline \text { Cash } & & 4,171 \\
• \hline
• \end{array}\)
• E)\(\begin{array} { | c | r | r | }
• \hline \text { Accounts Payable } & 4,300 & \\
• \hline \text { Merchandise Inventory } & & 129 \\
• \hline \text { Cash } & & 4,171 \\
• \hline
• \end{array}\)

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