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A retailer has a perpetual inventory system. The payment of a $2,000 inventory purchase within...

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Question

Accounting

A retailer has a perpetual inventory system. The payment of a $2,000 inventory purchase within its 2 percent discount period will result in a:

Select one:

a.

credit to Inventory for $40.

b.

credit to Purchase discount for $40

c.

debit to Cash for $1,960.

d.

debit to Accounts Payable for 2,000.

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