Business, 17.03.2020 05:54, mruffier6239

Jello's Market purchased $1,000 of goods on account with terms of 2/10,n/30. They returned $200 of the goods due to defect the next day. If Jello pays for the purchase within the discount period and uses the perpetual inventory system, the required journal entry to record the payment would: debit Accounts Payable $800; credit Merchandise Inventory $16; and credit Cash $784 debit Accounts Payable $800; credit Cash $780; and credit Merchandise Inventory $20 debit Accounts Payable $1,000; credit Cash 980; and credit Purchase Discounts $20 debit Accounts Payable $800 and credit Cash $800

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Jello's Market purchased $1,000 of goods on account with terms of 2/10,n/30. They returned $200 of t...