Multiple Choice
Emerald Co.uses a perpetual inventory system and records purchases of merchandise at net cost.The company recently purchased 200 compact discs at an invoice price of $6,000 and terms of 2/10,n/30.Half of these discs had been mislabeled and were returned immediately to the supplier.The journal entry to record payment of this invoice after the discount period has expired will include a:
A) Debit to Inventory for $3,000.
B) Credit to Cash for $3,000.
C) Debit to an expense account for $60.
D) Credit to Cash for $2,940.
Correct Answer:
Verified
Correct Answer:
Verified
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