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On June 3,Maryland Company Purchased Merchandize Worth $800 on Credit,terms  Accounts Payable 784 Purchases Discounts 16 Cash 800\begin{array}{lcc}\text { Accounts Payable } & 784 & \\\text { Purchases Discounts } & 16 & \\\quad \text { Cash } & & 800\end{array}

Question 111

Multiple Choice

On June 3,Maryland Company purchased merchandize worth $800 on credit,terms 2/10,n/30.The amount paid on June 15.What is the required journal entry to record the payment under the periodic inventory system?


A)
 Accounts Payable 784 Purchases Discounts 16 Cash 800\begin{array}{lcc}\text { Accounts Payable } & 784 & \\\text { Purchases Discounts } & 16 & \\\quad \text { Cash } & & 800\end{array}
B)
 Accounts Payable 800 Purchases Discounts 16 Cash 784\begin{array}{lr}\text { Accounts Payable }&800\\\text { Purchases Discounts } && 16 \\\text { Cash } && 784\end{array}
C)
 Cash 800 Accounts Payable 800\begin{array}{ll}\text { Cash } & 800 \\\text { Accounts Payable } &&800\end{array}
D)
 Accounts Payable 800 Cash 800\begin{array}{l}\text { Accounts Payable } &800\\\text { Cash }&&800\end{array}

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