The company uses the periodic inventory system and the voucher system. If the net method is applied, the purchase of $8,000 of merchandise with terms 4/15, n/60 is recorded by:
A) debit Cash $8,000; credit Accounts Payable $8,000.
B) debit Accounts Payable $8,000; credit Purchases $8,000.
C) debit Purchases $7,680; credit Accounts Payable $7,680.
D) debit Purchases $7,680; credit Vouchers Payable $7,680.

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The Answer of The company uses the periodic inventory system and the voucher system. If the net method is applied, the purchase of $8,000 of merchandise with terms 4/15, n/60 is recorded by:
A) debit Cash $8,000; credit Accounts Payable $8,000.
B) debit Accounts Payable $8,000; credit Purchases $8,000.
C) debit Purchases $7,680; credit Accounts Payable $7,680.
D) debit Purchases $7,680; credit Vouchers Payable $7,680.

The Company Uses the Periodic Inventory System and the Voucher