On Dec. 7, Toys R Fun purchased $1,000 of merchandise with terms of 2/10,n/30. If payment is made on December 30, demonstrate the required journal entry for Toys R Fun to record the payment under the perpetual inventory system.
a.
Debit Cash $1,000; Credit
Accounts Payable $1,000
b.
Debit Accounts Payable
$1,000; credit Cash $980;
credit Merchandise Inventory $20.
c.
Debit Accounts Payable
$1,000; credit Cash $1,000
Answers: 1
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On Dec. 7, Toys R Fun purchased $1,000 of merchandise with terms of 2/10,n/30. If payment is made on...
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