A buyer uses a periodic inventory system, and on December 5, it purchases $4,000 of merchandise on credit terms of 2/10, n/30. Complete the journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

The journal entry is shown below:

Explanation:

The journal entry for the following will be as:

Accounts Payable A/cDr   $4,000

       Merchandise Inventory A/cCr   $80

       Cash A/cCr  $3,920

As the buyer purchases merchandise worth $4,000, so the accounts payable account is debited and the buyer will be applied a discount of 2%, so merchandise inventory is credited and against the cash is paid, so the cash account is credited.

Working Note:

Discount = Amount × 2%

= $4,000  × 2%

= $80

Explanation:

Dec 5 | Purchases | Debit = 4000

          | Accounts payable | Credit = 4000

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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