Jacob Co. bought $13,000 worth of inventory on account from Homer Co. on terms 3/10,...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Jacob Co. bought $13,000 worth of inventory on account from Homer Co. on terms 3/10, n/30. Jacob Co. pays the balance on June 10th, the last day of the discount period.
When Jacob Co., the buyer, makes journal entry to record the transaction on June 10th, what is the effect on the accounting equation?
|
| Decrease Cash $12,610, decrease Inventory $390 and decrease Accounts Payable $13,000 |
|
| Decrease Cash $13,000 and decrease Accounts Payable $13,000 |
|
| Decrease Cash $12,610 and decrease Accounts Payable 12,610 |
|
| Decrease Cash $12,740, decrease Inventory $260 and decrease Accounts Payable $13,000 |
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.