Farthington Soccer Supplies purchases merchandise from a supplier on credit,terms 2/10,n/30 for $15,300.When recording the payment transaction made within the discount period in its cash disbursement journal,Farthington would enter:
A) $15,300 in the Cash Cr.column and $15,300 in the Inventory Dr.column.
B) $15,300 in the Cash Cr.column and $15,300 in the Accounts Payable Dr.column.
C) $15,300 in the Inventory Cr.column;$14,994 in the Accounts Payable Dr.column;and $306 in the Inventory Cr.column.
D) $14,994 in the Accounts Payable Dr.column and $14,994 in the Cash Cr.column.
E) $15,300 in the Accounts Payable Dr.column;$14,994 in the Cash Cr.column;and $306 in the Inventory Cr.column.
Correct Answer:
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