On August 1, Grayson Company bought goods with a list price of $4,800, terms 2/10, n/30. The firm records purchases at invoice price using the perpetual inventory system. On August 5, Grayson returned goods with a list price of $600 for credit. If Grayson paid the supplier the amount due on August 9, the appropriate entry would be: (A). Accounts Payable 4,200Inventory 84Cash 4,116 (B) Accounts Payable 4,800Inventory 96Cash 4,704 (C) Accounts Payable 4,116Cash 4,116 (D) Accounts Payable 4,200Cash 4,200
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On August 1, Grayson Company bought goods with a list price of $4,800, terms 2/10, n/30. The firm records purchases at invoice price using ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
In which months of the year was inflation rate outside the target?
Answers (1)
Identify the stage in the forming-storming-norming-performing model in which a team meets to learn about a project, agrees on basic goals, and begins to work on project tasks. a. Storming b. Norming c. Forming d. Performing
Answers (1)
Which of the following is an advantage of working in teams? A. Hidden agendas B. Cost C. Groupthink D. Peer pressure E. Increased acceptance of a solution
Answers (2)
In a job-order costing system, indirect labor cost is usually recorded as a debit to: a. Cost of Goods Sold. b. Manufacturing Overhead Control. c. Finished Goods. d. Work in Process.
Answers (1)
Louis owns three pieces of land with an adjusted basis as follows: parcel A, $75,000; parcel B, $125,000; and parcel C, $175,000.
Answers (1)
New Questions in Business
Which financial statement shows a company's profits or losses over a period of time?
Answers (1)
Why do companies using a horizontal structure have cultures that emphasize openness, employee empowerment, and responsibility? What do you think a manager's job would be like in a horizontally organized company?
Answers (1)
One year a country has positive net exports. the next year it still has positive but larger net exports a. its trade surplus fell. b. its trade surplus rose. c. its trade deficit fell. d. its trade deficit rose.
Answers (1)
You are the production manager for the toy manufacturing process at the abc company. lumber company right arrow→ abc toy manufacturing company right arrow→ toy store at the mall an example of an internal supplier is a. the toy store at the mall. b.
Answers (1)
g Suppose you have a possible investment that costs $100 today but, starting one year from now, pays $5 in some years with probability 1/3, and in other years pays $10 with probability 1/3, and in other years pays 8$ with probability 1/3.
Answers (1)