Connect Company bought $6,000 of merchandise from Woods Corporation,terms 2/10,n/30.Connect Company uses the voucher system and the periodic inventory method.The journal entry to record the payment under the gross method after the discount period would be to:
A) debit Vouchers Payable $6,000;credit Cash $6,000.
B) debit Vouchers Payable $6,000;credit Purchases Discount $120;credit Cash $5,880.
C) debit Vouchers Payable $5,880;credit Cash $5,880.
D) debit Vouchers Payable $5,880;debit Purchases Discount $120;credit Cash $6,000.
Correct Answer:
Verified
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A)
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