TNT Corporation pays an invoice for $4,500 in time to take a 5% discount. The journal entry to record the payment of this invoice is:
A) debit Accounts Payable $4,500; credit Cash $4,500.
B) debit Accounts Payable $4,275; credit Cash $4,275.
C) debit Accounts Payable $4,275, debit Inventory $225; credit Cash for $4,500.
D) debit Accounts Payable $4,500; credit Inventory $225, credit Cash for $4,275.
Correct Answer:
Verified
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