On October 6, Mark purchased merchandise for his electric store. The invoice was for $40,000 plus freight of $850, terms 1/15, n/30. The freight was included on the invoice. On October 10, Mark returned merchandise for $5,000 credit. On October 19, Mark paid the amount owed. Fill in the blanks below.
a) The credit to Accounts Payable on October 6 is ________.
b) The debit to Merchandise Inventory on October 6 is ________.
c) The debit to Accounts Payable on October 10 is ________.
d) The credit to Merchandise Inventory on October 19 is ________.
e) The credit to Cash on October 19 is ________.

Question

Quizplus · Accepted Answer

The Answer of On October 6, Mark purchased merchandise for his electric store. The invoice was for $40,000 plus freight of $850, terms 1/15, n/30. The freight was included on the invoice. On October 10, Mark returned merchandise for $5,000 credit. On October 19, Mark paid the amount owed. Fill in the blanks below.
a) The credit to Accounts Payable on October 6 is ________.
b) The debit to Merchandise Inventory on October 6 is ________.
c) The debit to Accounts Payable on October 10 is ________.
d) The credit to Merchandise Inventory on October 19 is ________.
e) The credit to Cash on October 19 is ________.

On October 6, Mark Purchased Merchandise for His Electric Store