David Company uses the gross method to record its credit purchases, and it uses the periodic inventory system. On July 21, 20D, the company purchased goods that had an invoice price of $3,000 with terms of 3/10, n/30. If payment in full is made on July 30, the journal entries to record the purchase and payment should be which of the following?
A) Entry A
B) Entry B
C) Entry C
D) Entry D

Question

David Company uses the gross method to record its credit purchases, and it uses the periodic inventory system. On July 21, 20D, the company purchased goods that had an invoice price of $3,000 with terms of 3/10, n/30. If payment in full is made on July 30, the journal entries to record the purchase and payment should be which of the following? 
A) Entry A 
B) Entry B 
C) Entry C 
D) Entry D

Quizplus · Accepted Answer

The Answer of David Company uses the gross method to record its credit purchases, and it uses the periodic inventory system. On July 21, 20D, the company purchased goods that had an invoice price of $3,000 with terms of 3/10, n/30. If payment in full is made on July 30, the journal entries to record the purchase and payment should be which of the following? 
A) Entry A 
B) Entry B 
C) Entry C 
D) Entry D

David Company Uses the Gross Method to Record Its Credit