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Homework answers / question archive / On June 3, Addison Company purchased merchandise worth $1,600 on credit, terms 2/10, n/30

On June 3, Addison Company purchased merchandise worth $1,600 on credit, terms 2/10, n/30

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On June 3, Addison Company purchased merchandise worth $1,600 on credit, terms 2/10, n/30. The account was paid on June 10. What is the required journal entry to record the payment under the periodic inventory system?

a.

Accounts Payable - 1,600

Purchases Discounts - 32

Cash - 1,568

b.

Cash - 1600

Purchases Discounts - 32

Accounts Payable - 1,632

c.

Cash - 1,568

Purchases Discounts - 32

Acoour.ts Payable - 1,600

d.

Accounts Payable - 1,568

Purchases Discounts - 32

Cash - 1,600

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