4 p QUESTION 1 On September 12, Ryan Company sold merchandise in the amount of...
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4 p QUESTION 1 On September 12, Ryan Company sold merchandise in the amount of $5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Johnson uses the periodic inventory system of accounting for purchases. Johnson pays the invoice on September 18, and takos the appropriate discount. The journal entry that Johnson makes on September 18 is 5, 684 Purchases Cash 5, 684 OAccounts payable 4, 000 Herchandise inventory Cash 80 3,920 5,800 Purchases discounts Cash 116 5, 684 Cash 5,684 5,684 116 Cash Purchases discounts Accounts payable
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