Toy Trains Company bought $8,000 of merchandise,terms 2/10,n/30.The company uses the periodic inventory system and the voucher system.The journal entry to record the transaction under the net method would be to:
A) debit Purchases $7,840;credit Accounts Payable $7,840.
B) debit Purchases $8,000;credit Vouchers Payable $8,000.
C) debit Purchases $8,000;credit Vouchers Payable $7,840;credit Discounts Lost $160.
D) debit Purchases $7,840;credit Vouchers Payable $7,840.
Correct Answer:
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