Dhapa ne 11, NdumOn June 3, Kauffman company purchased inventory of $4,000 on account with terms 1/10,pays for this inventory. What entry would be recorded on June 11 assuming a perpetual inventory system?4,0001. Accounts PayableCash2. Accounts PayableSales DiscountsCash3. Accounts PayableInventoryCash4. InventoryAccounts PayableO Option 1O Option 2O Option 3O Option 44,0004,0004,0004,000403,960403.9604,000

Journal EntryA journal entry is a method of recording transactions in the book of original entry by…

On June 3, Kauffman company purchased inventory of $4,000 on account with terms 1710, h/30. On June 11, Kauffman pays for this inventory. What entry would be recorded on June 11 assuming a perpetual inventory system? 1. Accounts Payable Cash 2. Accounts Payable Sales Discounts Cash 3. Accounts Payable Inventory Cash 4. Inventory Accounts Payable. O Option 1 O Option 2 O Option 3. O Option 4 4,000 4,000 4,000 4,000 4,000 40 3,960 40 3,960 4,000

On June 3, Kauffman company purchased inventory of $4,000 on account with terms 1710, h/30. On June 11, Kauffman pays for this inventory. What entry would be recorded on June 11 assuming a perpetual inventory system? 1. Accounts Payable Cash 2. Accounts Payable Sales Discounts Cash 3. Accounts Payable Inventory Cash 4. Inventory Accounts Payable. O Option 1 O Option 2 O Option 3. O Option 4 4,000 4,000 4,000 4,000 4,000 40 3,960 40 3,960 4,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...

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