TNT Corporation pays an invoice for $350 in time to take a 3% discount.The journal entry to record the payment of this invoice is:
A) debit Accounts Payable $350;credit Cash $350.
B) debit Accounts Payable $340;credit Cash $340.
C) debit Accounts Payable $340,debit Inventory $10;credit Cash for $350.
D) debit Accounts Payable $350;credit Inventory $10.50,credit Cash for $339.50.
Correct Answer:
Verified
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