FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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132) On May 1, a company purchased inventory costing $2,000 on account with terms 2/10, n/30. On May 8, the company pays for this inventory and records which of the following using a perpetual inventory system? 1. Accounts Payable Cash 2. Accounts Payable Inventory Cash 3. Accounts Payable Inventory Cash 4. Cash 2,000 1,960 40 2,000 2,000 2,000 2,000 40 1,960
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Transcribed Image Text:132) On May 1, a company purchased inventory costing $2,000 on account with terms 2/10, n/30. On May 8, the company pays for this inventory and records which of the following using a perpetual inventory system? 1. Accounts Payable Cash 2. Accounts Payable Inventory Cash 3. Accounts Payable Inventory Cash 4. Cash 2,000 1,960 40 2,000 2,000 2,000 2,000 40 1,960
Expert Solution
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Step 1
JOURNAL ENTRIES
Journal Entry is the First stage of Accounting Process. Journal Entry is the Process of Recording all Financial & Non Financial Transaction in a Proper Format.
 
Journal entries help to Keep the Records of All Transactions.
 
Golden Rule of Journal Entry:-
    • Debit the Receiver, Credit the Giver.
    • Debit what Comes in, Credit what Goes Out.
    • Debit all Expenses & Losses, Credit all Income & Gains.
 
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