A company purchased 1 800 of merchandise on July 5 with

Last updated: 2/26/2024

A company purchased 1 800 of merchandise on July 5 with terms 2 10 n 30 On July 7 it returned 200 worth of merchandise On July 12 it paid the full amount due Assuming the company uses a perpetual inventory system and records purchases using the gross method the correct journal entry to record the payment on July 12 is Multiple Choice O Debit Merchandise Inventory 1 600 credit Cash 1 600 Debit Cash 1 600 credit Accounts Payable 1 600 Debit Accounts Payable 1 600 credit Merchandise Inventory 32 credit Cash 1 568 Debit Accounts Payable 1 800 credit Cash 1 800 Debit Accounts Payable 1 600 credit Cash 1 600