Business, 04.03.2020 04:14 mkim2290

LOL Music Store uses the perpetual inventory system to account for its merchandise. On November 17, it purchased $1,000 of merchandise with terms of 2/5,n60. If payment is made on November 21, demonstrate the required journal entry to record the payment by selecting all of the correct actions below. (Check all that apply).

Credit Purchase Discounts $20

Credit Cash $980

Debit Accounts Payable $1,000

Credit Cash $1,000

Debit Merchandise Inventory $20

Credit Merchandise Inventory $20

Credit Accounts Payable $1,000

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LOL Music Store uses the perpetual inventory system to account for its merchandise. On November 17,...

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