Business Office Supplies, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $20,000. The terms of invoice were 4/10, n/30. The amount due was paid on February 9. Which of the following journal entries correctly records the payment in the books of Business Office Supplies? Select one: A. Accounts Payable 20,000 Purchases 20,000 B. Accounts Payable 20,000 Purchase Discounts 800 Cash 19,200 C. Accounts Payable 20,000 Cash 20,000 D. Accounts Payable 20,000 Merchandise Inventory 800 Cash 19,200
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Home » Business » Business Office Supplies, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $20,000. The terms of invoice were 4/10, n/30. The amount due was paid on February 9.