Question 135
Multiple Choice
A company purchases merchandise on November 2 at a $2,400 invoice price (terms 3/10,n/30) and then pays all amounts owed on December 2.Using perpetual inventory and net purchases methods,what are the proper entries to record these two transactions?
Nov. 2 Merchandise Inventory 2 , 400 Accounts Payable 2 , 400 \begin{array} { | c | c | r | r | } \hline \text { Nov. 2 } & \text { Merchandise Inventory } & 2,400 & \\\hline & \text { Accounts Payable } & & 2,400 \\\hline\end{array} Nov. 2 Merchandise Inventory Accounts Payable 2 , 400 2 , 400 Dec. 2 Accounts Payable 2 , 400 Cash 2 , 400 \begin{array} { | c | c | r | r | } \hline \text { Dec. 2 } & \text { Accounts Payable } & 2,400 & \\\hline & \text { Cash } & & 2,400 \\\hline\end{array} Dec. 2 Accounts Payable Cash 2 , 400 2 , 400 Nov. 2 Merchandise Inventory 2 , 328 Accounts Payable 2 , 328 \begin{array} { | c | c | r | r | } \hline \text { Nov. 2 } & \text { Merchandise Inventory } & 2,328 & \\\hline & \text { Accounts Payable } & & 2,328 \\\hline\end{array} Nov. 2 Merchandise Inventory Accounts Payable 2 , 328 2 , 328 Dec. 2 Accounts Payable 2 , 328 Cash 2 , 328 \begin{array} { | c | c | r | r | } \hline \text { Dec. 2 } & \text { Accounts Payable } & 2,328 & \\\hline & \text { Cash } & & 2,328 \\\hline\end{array} Dec. 2 Accounts Payable Cash 2 , 328 2 , 328 Nov. 2 Merchandise Inventory 2 , 328 Accounts Payable 2 , 328 \begin{array} { | c | c | r | r | } \hline \text { Nov. 2 } & \text { Merchandise Inventory } & 2,328 & \\\hline & \text { Accounts Payable } & & 2,328 \\\hline\end{array} Nov. 2 Merchandise Inventory Accounts Payable 2 , 328 2 , 328 Dec. 2 Accounts Payable 2 , 328 Purchase Discounts Lost 72 Cash 2 , 400 \begin{array} { | l | l | r | r | } \hline \text { Dec. 2 } & \text { Accounts Payable } & 2,328 & \\\hline & \text { Purchase Discounts Lost } & 72 & \\\hline & \text { Cash } & & 2,400 \\\hline\end{array} Dec. 2 Accounts Payable Purchase Discounts Lost Cash 2 , 328 72 2 , 400 Nov. 2 Merchandise Inventory 2 , 328 Accounts Payable 2 , 328 \begin{array} { | c | c | r | r | } \hline \text { Nov. 2 } & \text { Merchandise Inventory } & 2,328 & \\\hline & \text { Accounts Payable } & & 2,328 \\\hline\end{array} Nov. 2 Merchandise Inventory Accounts Payable 2 , 328 2 , 328 Dec. 2 Accounts Payable 2 , 328 Inventory 72 Cash 2 , 400 \begin{array} { | l | l | r | r | } \hline \text { Dec. 2 } & \text { Accounts Payable } & 2,328 & \\\hline & \text { Inventory } & 72 & \\\hline & \text { Cash } & & 2,400 \\\hline\end{array} Dec. 2 Accounts Payable Inventory Cash 2 , 328 72 2 , 400 Nov. 2 Merchandise Inventory 2 , 328 Accounts Payable 2 , 328 \begin{array} { | c | c | r | r | } \hline \text { Nov. 2 } & \text { Merchandise Inventory } & 2,328 & \\\hline & \text { Accounts Payable } & & 2,328 \\\hline\end{array} Nov. 2 Merchandise Inventory Accounts Payable 2 , 328 2 , 328 Dec. 2 Accounts Payable 2 , 328 Purchase Discounts Lost 72 Cash 2 , 400 \begin{array} { | l | l | r | r | } \hline \text { Dec. 2 } & \text { Accounts Payable } & 2,328 & \\\hline & \text { Purchase Discounts Lost } & 72 & \\\hline & \text { Cash } & & 2,400 \\\hline\end{array} Dec. 2 Accounts Payable Purchase Discounts Lost Cash 2 , 328 72 2 , 400
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