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A company that uses the perpetual inventory system purchased merchandise inventory at a cost of...

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Accounting

A company that uses the perpetual inventory system purchased merchandise inventory at a cost of $4,700 with credit terms 2/15, net 45. If the company elects to pay within the discount period, what would be the appropriate journal entry to record the payment? Merchandise Inventory 4,700 Accounts Payable 4,700 Accounts Payable 4,700 Merchandise Inventory 94 Cash 4,606 Purchase Discount 4,606 Accounts Payable 4,606 Accounts Payable 4,606 Cash 4,606 Accounts Payable 4,700 Merchandise Inventory 4,700

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