A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 28 is:

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06-07-2021
Business

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A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 28 is:

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Zviko Zviko · Answer 1 · 2021-07-07T20:05:54-04:00

Zviko Zviko

07-07-2021

Answer:

Debit : Account Payable $1,600

Credit : Discount Received $32

Credit : Cash $1,568

Explanation:

The correct journal entry to record the payment on July 28 includes a Debit to Accounts Payable and Credit to Discount and Cash. Cash should be after returns and discount received.

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